Federal Tax

Forum|Forum|1 year ago
March 19, 2025
3 replies
10 views

My tax for federal this year return I have to pay much more that I ever did. How do I know the calculations are correct in TT?

LindaS5247

Level 14

If you have entered everything correctly into the TurboTax program, the numbers are correct. TurboTax will ask you simple questions about you and give you the tax deductions and credits you're eligible for based on your answers.

You may owe taxes to the federal and/or state because your withholding is too low. You can adjust your withholding by submitting a new Form W-4 to your employer.

You can use the TurboTax W-4 Withholding Calculator to help you find the right withholding when completing a new W-4. You can use this info to boost your refund or increase your take-home pay.)

Some of the common reasons why you may owe federal taxes are:

You had new sources of income.
Your withholding is not enough.
You had less charitable contributions.
You had fewer medical expenses.
You changed filing status (I.e. changing from Married filing jointly to single will cause a jump in your taxes).
You had less mortgage interest.
You have fewer tax credits, such as Earned Income Credit,, Child Tax Credit, American Opportunity Tax Credit, Lifetime Learning Credit)

Click here for "How do I update and print a new W-4?"

Click here for "Why do I owe taxes?"

Click here for "Video: Why Would I Owe Federal Taxes?

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CP01Author

Level 5

I entered all the right information and imported my tax forms for 1099 Int and Div but never had to pay this much is all the years so was wondering if the calculations are correct or can you please let me how much do I get tax if INT is around 30k, Div is around 8k and 1099 B is around a thousand would i need to pay the federal around 7k?

SharonD007

Level 14

We are unable to tell you your tax liability without reviewing your tax return, and we can't do that in this forum. TurboTax does have a product that will help you along the way while you are preparing your taxes, called TurboTax Live. You can also have TurboTax Live review your tax return. Refer to the TurboTax article How do I get TurboTax Live? for more information.

TurboTax can also have an expert prepare your taxes with TurboTax Live Full Service. Refer to the TurboTax Help article What is TurboTax Live Full Service? for more information.

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