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tjoi
New Member

My 2015 taxes were $7725, $6079 was withheld BUT I paid $1663; the actual difference between taxes and withholding is $1646 - why did turbo tax have me pay $17 more?

 
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jerry2000
Alumni

My 2015 taxes were $7725, $6079 was withheld BUT I paid $1663; the actual difference between taxes and withholding is $1646 - why did turbo tax have me pay $17 more?

That is interest as a penalty for underwithholding. In general, if you owe more than $1,000 when you file, you have to pay interest.

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3 Replies
SweetieJean
Level 15

My 2015 taxes were $7725, $6079 was withheld BUT I paid $1663; the actual difference between taxes and withholding is $1646 - why did turbo tax have me pay $17 more?

Maybe an underpayment penalty?
jerry2000
Alumni

My 2015 taxes were $7725, $6079 was withheld BUT I paid $1663; the actual difference between taxes and withholding is $1646 - why did turbo tax have me pay $17 more?

That is interest as a penalty for underwithholding. In general, if you owe more than $1,000 when you file, you have to pay interest.
TaxGuyBill
Level 9

My 2015 taxes were $7725, $6079 was withheld BUT I paid $1663; the actual difference between taxes and withholding is $1646 - why did turbo tax have me pay $17 more?

Look at Line 79 of your Form 1040.

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