I have used Turbo Tax forever and our finances are pretty straight forward. This year the recap section of Income Taxes Paid show a total of $58306 which is my husband and I for federal and state withholding. My numbers from our W2s though add up to $57903 we have no 1099 payments just interest can't figure out where the $403 difference is, I have rechecked my numbers several times. Thank you for any ideas 🙂
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what version of TT are you using?
Please focus on Lines 16 and 17 for Form 1040 which is where the credits for taxes credits are reconciled.
Line 16 should be the sum of the W-2s. Does that reconcile to your W-2 inputs?
Line 17 should trace back to Schedule 5, which includes tax payments directly to the IRS as well as refundable credits including over payment of social security (did you have multiple jobs this year???). Is the $403 sitting here?
suggest attempting to figure out the federal part first. if not there, the it's something state related and you give no indication of which state.
do any of these ideas help?
I haven't finished my taxes so am unable to look at the forms line by line. I am using TT deluxe. This is the line from TT I am referring to 2017 and 2018:
Income Taxes Paid W-2 taxes, estimated tax payments, etc. | $48,797.00 | $58,306.00 | Edit |
This is the detail from TT that adds up to the $58,306 for 2018:
"And here's what you've entered so far for your income taxes paid in 2018, including amounts reported on W-2s and 1099s:
@NCperson wrote:
I assume by Deluxe you are using it on the desktop which is the version I am familiar with
If so, go to the top and click “view” and change to “forms” ... then you can review the forms and figure out where the issue is
Looks like I don't have the same option, I used the help function since I didn't see a view button :( :
Why can't I find Forms Mode?
It's because you're probably in TurboTax Online. Forms Mode is exclusively available in the TurboTax CD/Download software.
If Forms Mode is important to you, you can move your return to the CD/Download software.
I was able to finally figure out a way to see the detail using the tax tools on the left side bar. It appears there is $306 in additional taxes due to our income going over $250000 and the need for forms 8959 and 8960 which I just googled (investment income and additional medicare tax.) I will look at it in more detail tomorrow. Thank you again for your help!! 🙂
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