federal tax incorrect

[samy23]

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

[DoninGA]

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.

[samy23]

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]

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@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! 

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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

[samy23]

thank you for the help. but for some reasons, it is still not updated properly. sad. could this be a technical issue? is there someone from the support team can take a look at my account and see what's going on?

[DoninGA]

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@samy23 wrote:

thank you for the help. but for some reasons, it is still not updated properly. sad. could this be a technical issue? is there someone from the support team can take a look at my account and see what's going on?

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You could contact TurboTax support but frankly I do not see how a capital loss carryover would have any affect on the taxes owed.  The carryover would first reduce any capital gains and if no gains then it would reduce your ordinary income by up to $3,000 which reduces your taxable income thereby reducing your taxes.

If you cannot see an error in the entries then the best course of action would to be just clear the return and start over.

If you have not paid for the online edition you are using, have not filed your tax return or registered the Free edition, then you can clear your return and start over with a lower priced edition. Click on Tax Tools on the left side of the program screen while working on the 2020 online tax return. Click on Clear & Start Over.

See this TurboTax support FAQ for contacting support - https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Support can also be reached by messaging them on these pages https://www.facebook.com/turbotax/ and https://twitter.com/TeamTurboTax

[samy23]

I don't know anymore...I tried contacting them. Thanks for the help tho. 

Robinhood screwed up my capital gain and loss. Even though I made like 2k, they showed a net -200k loss last year then gave me a net 202k gain this year. I was wondering if that could be the reason. And i don't even have 200k to lose with at the first place. But from my understanding, all my capital loss should offset all my capital gain, resulting a 2k taxable capital gain this year. Maybe turbotax thinks i made 200k and that's why i have 44k tax due.

Man, i don't know anymore. But once again, thanks for the help.