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posted Apr 1, 2024 6:46:00 AM

Entering W2's and 1099 R ends up owing Taxes

When I compiled all of my W2s, my 1099R, and my spouse's SS-1099, I owe money to the IRS. I wanted to find out which of my entries was the culprit to causing me to owe money. So I entered all the forms individually and they all show a refund. But when I put them all in together I owe over $3K. What gives?

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1 Replies
Level 15
Apr 1, 2024 7:00:25 AM

Your tax due or refund is not "per W-2" or "per 1099R"  -- the refund or tax due is based on the total amount of income you entered and on the total amount of tax that was withheld from those sources of income.   When it all added together, you had a tax liability that exceeds the amount of tax you had withheld from your W-2's and retirement income.    Going forward you could avoid owing next year by having more withheld from the W-2 income or more withheld when you take money from the retirement account(s).

 

https://turbotax.intuit.com/tax-tips/tax-payments/video-why-would-i-owe-federal-taxes/L3VXudPiN