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Saraterruso
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How do I know how much taxes I owe if it says I’m getting a return ?

 
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5 Replies

How do I know how much taxes I owe if it says I’m getting a return ?

You do not get a "return."   You might get a refund if you file a tax return.   Did you prepare a federal return and a state return?   If so, there are two amounts ---- one for federal and one for the state.   It is possible to get a refund on one and owe on the other, so look at them very carefully.  

 

HOW MUCH IS MY REFUND?  DO I OWE?

No one else can see your screen, your tax return or your account. But YOU can see it.

 

What does it say on the "refund monitor" on the screen?

Look at your Form 1040.  What do you see on line 34  Line 37?

 Line 34 is a refund

Line 37 is tax due that you have to pay to the IRS by April 15, 2021

 

PREVIEW 1040

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

 

What does the TurboTax summary show you?  What does it say in Tax Home?

What are your fees?  Are you having them deducted from your federal refund?  If so, then do some math.

How can I see my TurboTax  fees?   

https://ttlc.intuit.com/questions/2565973-how-do-i-review-my-fees-in-turbotax-online

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Saraterruso
Returning Member

How do I know how much taxes I owe if it says I’m getting a return ?

Oops yes I mean refund ... 

I put in my w2 and my husbands 2 w2s and it said we were getting roughly $11k back ( we have 3 kids one of which we’re getting the stimulus for cuz she was born 2020) I then put in my unemployment information.. which I know I owe taxes on because I received roughly $14,995 in unemployment and paid family leave and only paid $142.00 for federal tax. My state doesn’t tax on these California so I know I don’t have to worry about that ( atleast what I was told ) and then it changed our EIC went down our Child Credit went up and our Retirement went down which caused our refund to go from 11k to 8k which I’m not complaining about the difference in those tax credit categories left a difference of $1,4**.00 which in doing the max is 10% of my unemployment so I wasn’t sure if my refund went down because of what I owe ... I checked everything the irs has and it says I don’t owe taxes but I do since clearly I didn’t pay out enough from unemployment and I want to make sure it’s getting paid . 

How do I know how much taxes I owe if it says I’m getting a return ?

Look at line 34----does it still show a refund?   Your tax liability was taken out of that higher refund  amount you saw earlier in the process.   Unless you have an amount on line 37 instead you do not owe the IRS.

 

That "refund monitor" changes as you enter information, so you cannot take the amount seriously until all of the information has been entered.

 

And you are correct--CA does not tax unemployment but it is taxable on the federal return.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Saraterruso
Returning Member

How do I know how much taxes I owe if it says I’m getting a return ?

My line 34 shows my refund amount and then 37 is blank . Therefor I don’t owe money ? How is that possible if I only paid $141.00 out of an unemployment income of $14,995.00 ?? Like it sounds wrong to me. Maybe I’m just not understanding correct I thought 10% of unemployment was taxable (federal ) so 10% of $14,995 is roughly $1,499.5 and if I only paid $141.00 wouldn’t that mean I owe roughly $1,358.5 ? I made sure to put aside money every week from unemployment to pay taxes ( I checked the box to have them withheld but I know that the extra money that gave us wasn’t taxed right away so I put aside 10% each week of that to pay tax season. I’m not sure if it’s IRS mistake or if I’m just wrong 

How do I know how much taxes I owe if it says I’m getting a return ?

Remember how you started off seeing a refund of about $11k and as you went through the software it ended up decreasing to about $8k?   Your unemployment tax was part of that decrease.  Your tax return is like a big long math problem.  Print it out and follow the money.

 

https://ttlc.intuit.com/community/printing/help/can-i-print-a-copy-of-my-turbotax-online-return-befo...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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