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kfgoodman
New Member

How can I have a Tax liability of $554,345.00 with an income of $89,777? The 554,345 shows in the Federal Balance Due.

 
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srvottiero
Level 3

How can I have a Tax liability of $554,345.00 with an income of $89,777? The 554,345 shows in the Federal Balance Due.

You obviously have an error in one of your entries.  I'd save the return to a PDF file and then view your 1040 form to find out where your erroneous entry was made.  It is possible you missed a decimal point some where and you inadvertently entered too much income.

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3 Replies
kfgoodman
New Member

How can I have a Tax liability of $554,345.00 with an income of $89,777? The 554,345 shows in the Federal Balance Due.

I checked all inputs and they were all correct in the Income section.  Access to PDF and 1040 not available until complete.  Having used TurboTax for the last 8 years, I porchased a PC version and am going to use it as it has more flexibility in checking your work and the 1040 is visible at any point in the input process.
srvottiero
Level 3

How can I have a Tax liability of $554,345.00 with an income of $89,777? The 554,345 shows in the Federal Balance Due.

You obviously have an error in one of your entries.  I'd save the return to a PDF file and then view your 1040 form to find out where your erroneous entry was made.  It is possible you missed a decimal point some where and you inadvertently entered too much income.
fsproull
New Member

How can I have a Tax liability of $554,345.00 with an income of $89,777? The 554,345 shows in the Federal Balance Due.

sometimes wrong if you are using turbo tax go back to your income and look at your w-2, 1099's etc and make sure your entries are correct.  also income from your business or sale of stocks etc.  ckeck all of your income again
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