For 2023 taxes, I had taxable income of $37,550 and my "Federal Taxes You Owe" was $5,591. For 2024, my taxable income was $6,382 and my "Federal Taxes You Owe" is $4,254 - that's 70%! Is this a bug, or did I enter something incorrectly?
You'll need to sign in or create an account to connect with an expert.
Start by checking all of your own data entries---including anything you snapped a photo of or imported. Look for misplaced decimals or added zeros.
Thank you for your response. I have checked everything, and the "Federal Review" states that my Taxable Income is $6,382, which is correct. The problem is the TurboTax calculation of $4,254 from this value.
@ybell wrote:
Thank you for your response. I have checked everything, and the "Federal Review" states that my Taxable Income is $6,382, which is correct. The problem is the TurboTax calculation of $4,254 from this value.
Look at your actual tax return, Form 1040 Line 15 for taxable income and Line 16 for the taxes on the taxable income.
Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
eCarlito
New Member
colabin
New Member
Us Actor on Canadian TV Show
New Member
taxed2death1
New Member
David_Gri
New Member