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samy23
Level 2
Mar 14, 2022 4:15 PM UTC
Question

federal tax incorrect

it says my taxable income is around 60k but it is showing I have over 44k federal tax due. any ideas why?

6 replies

DoninGA
Level 15
DoninGALevel 15
Level 15
Mar 14, 2022 4:18 PM UTC

That looks like a mistake in entering income where either a decimal point was misplaced or a comma was entered instead of a decimal point.

Go back to your income entries, W-2 and/or Form 1099, edit the form and check your entries.

samy23Author
Level 2
Mar 14, 2022 4:23 PM UTC

it seems that the stock loss carryover wasn't properly included for federal tax while it is calculated in state tax. any idea how to fix this? thanks! 

DoninGA
Level 15
DoninGALevel 15
Level 15
Mar 14, 2022 4:32 PM UTC
@samy23 wrote:

it seems that the stock loss carryover wasn't properly included for federal tax while it is calculated in state tax. any idea how to fix this? thanks! 

Then check the capital loss carryover -

 

For a capital loss carryover -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Under Investment Income
  • On Capital Loss Carryover, click the start or update button

Or enter capital loss carryover in the Search box located in the upper right of the program screen. Click on Jump to capital loss carryover

 

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