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pmachin
Level 1

Estimated tax liability and Federal Tax Due

If I paid $2400 of Estimated tax liability when I filed my tax extension and now my Federal Tax Due is $2,100.00, does it mean that my total amount due was $4,500 or will the IRS send me the difference of $300 that I paid over?  Does TurboTax calculate this difference?  Thanks

1 Best answer

Accepted Solutions
DoninGA
Level 15

Estimated tax liability and Federal Tax Due

Federal taxes due means that you did not have enough tax payments to satisfy your total taxes owed.

Taxes owed is on your federal tax return, Form 1040 Line 37

Did you enter the payment made with the extension request?

 

If you used the TurboTax Easy Extension to electronically file the extension request, Form 4868, and make the tax payment with the request, the payment should already entered on your tax return. Provided you used the same user ID for the 2020 online tax return as was used for the Easy Extension. You can check to see if the amount is on your tax return by clicking on Tax Tools on the left side of the screen. Then click on Tools. Click on View Tax Summary. Then click on Preview my 1040.


The federal extension payment will be shown on Schedule 3 Line 9. The amount from Schedule 3 Part II Line 13 flows to Form 1040 Line 31

 

To enter, change or delete a payment made with an extension request (Federal, State, Local) -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credits
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Estimates and Other Taxes Paid
  • On Income Taxes Paid, click on the start or update button

On the next screen select the type of extension payment made and click on the start or update button

 

Or enter federal extension payment in the Search box located in the upper right of the program screen. Click on Jump to federal extension payment

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4 Replies
DoninGA
Level 15

Estimated tax liability and Federal Tax Due

Federal taxes due means that you did not have enough tax payments to satisfy your total taxes owed.

Taxes owed is on your federal tax return, Form 1040 Line 37

Did you enter the payment made with the extension request?

 

If you used the TurboTax Easy Extension to electronically file the extension request, Form 4868, and make the tax payment with the request, the payment should already entered on your tax return. Provided you used the same user ID for the 2020 online tax return as was used for the Easy Extension. You can check to see if the amount is on your tax return by clicking on Tax Tools on the left side of the screen. Then click on Tools. Click on View Tax Summary. Then click on Preview my 1040.


The federal extension payment will be shown on Schedule 3 Line 9. The amount from Schedule 3 Part II Line 13 flows to Form 1040 Line 31

 

To enter, change or delete a payment made with an extension request (Federal, State, Local) -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credits
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Estimates and Other Taxes Paid
  • On Income Taxes Paid, click on the start or update button

On the next screen select the type of extension payment made and click on the start or update button

 

Or enter federal extension payment in the Search box located in the upper right of the program screen. Click on Jump to federal extension payment

VolvoGirl
Level 15

Estimated tax liability and Federal Tax Due

The tax due on line 37 is what you still owe after all the payments you made.   Check if your return gives you credit for all the payments you made like from withholding and the extension.

 

Did you use Turbo Tax to file the extension?  Then it should automatically be on schedule 3 line 9.  And go to 1040 line 31.  So make sure it's not already there before you enter it!

 

 

pmachin
Level 1

Estimated tax liability and Federal Tax Due

Thank you for your reply. I did filled the extension with turbotax and it wasn't showing it where you suggested. So I followed the instruction from another reply and was able to enter what I previously paid manually.

pmachin
Level 1

Estimated tax liability and Federal Tax Due

Thanks for your detailed reply. I followed your instructions and I was able to add the extension payment made in order to get the correct Federal Refund.

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