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You may have a penalty entered on line 38 that is being added to the total due on line 37. If you print the return out, you will notice that line 37 does not mention subtracting line 33 from line 24, I think it may say that on the form you posted, I can't read it, but the actual form does not say that.
As one can clearly see the calculation of $12,867 - $8,464 = $4,707 is incorrect. The correct result is $4,403 which is $304 less. I have no idea how the system could make such a strange miscalculation. I can get it right by calculator or in my head and so does for that matter e.g. the software FreeTaxUSA.
Now I need to wonder what other bugs might be in the system that I am using since 2013.
You may have a penalty entered on line 38 that is being added to the total due on line 37. If you print the return out, you will notice that line 37 does not mention subtracting line 33 from line 24, I think it may say that on the form you posted, I can't read it, but the actual form does not say that.
Great!
That is the solution.
However, the instructions on the form (not the fault of TurboTax) are misleading. It should contain the instructions to add the estimated penalty.
Thanks for the help - trust restored. 😄
I get the same error resulting in a $317 overpayment. I have nothing entered under Line 38 in my hand calculation form. My tax liability and total taxes paid also match TurboTax's output.
$33,036 - $21,753 = $11,283 NOT $11,600
Check your software, TurboTax.
Did you check the actual 1040? Check line 38.
I see Line 38 and that TurboTax is calculating the penalty. However, the explanation provided by TurboTax is still incorrect: My tax owed was not calculated by subtracting the total taxes paid by the tax liability. It was calculated by subtracting the total taxes paid AND the penalty by the tax liability.
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