turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

dhoeft1
Returning Member

Federal Tax owed calculation

I believe the Fed Tax Owned calculation is wrong. Reviewing last yr to this yr not much has changed - only a slight increase in interest earned. I have used a few quick calculators and even the Turbo Tax est states I should get refund but software shows we owe $6,000.  Married filing joint, tax income is $110,000 with paid fed taxes of $19,300. System shows we owe $25,500, manual calculations and est say it should be $17,000. Checked and Double checked and cant figure it out. Thank you.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Federal Tax owed calculation

Go to the Wages&Income page and look at all the income $$ that actually shows there.  Sounds more like you mis-entered too much income somewhere.....or double-entered some income form

 

Of course, if a fair amount of your income was Self-employed/cash/1099-MISC income this year, then you would end up with having to pay the entire 15%+ of SE tax...even before the regular income tax is applied.  Then the 25k might not be unreasonable since it is more than just standard income taxes.

 

Another option would be to actually print out this year's form 1040, and compare it to last year's form to see if you've double-entered some income this year.

 

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies