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So if I owe $571 in my federal tax return how much will I be getting

 
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So if I owe $571 in my federal tax return how much will I be getting

you will be getting  -$571.

So if I owe $571 in my federal tax return how much will I be getting

If your federal tax return has tax due you are not getting a refund.   Look at your Form 1040.   If you are getting a refund it is on line 34.   If you owe money to the IRS it is on line 37.   There will not be amounts on both of those lines----it is one or the other.

 

PREVIEW 1040

 

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

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

 

 

If you have tax due it needs to be paid by April 15, 2021.

 

If you have federal tax due you can pay by mailing your payment with the 1040V voucher, (which has the address printed on it, having the payment taken out of a designated bank account, or you can pay directly on the IRS website.

 

https://www.irs.gov/payments/direct-pay

 

 

https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212

 

 

https://ttlc.intuit.com/community/tax-payments/help/how-do-i-pay-my-irs-tax-due-with-a-check-or-mone...

 

You must pay your state tax due using the state’s preferred method of receiving payment.  For most states that will be by making a payment to the state’s own tax website, or by mailing a check or money order.

https://ttlc.intuit.com/questions/1900884-what-are-my-options-for-getting-my-state-refund-or-for-pay...

 

https://ttlc.intuit.com/questions/1901670-how-do-i-contact-my-state-department-of-revenue

 

 

 

If owing federal tax this year is a big shock, please double check all of your data entries and make sure you did not miss a decimal somewhere add a zero, etc.  There have been some users whose unemployment was "doubled" somehow--look for that, just in case.

Was something different for 2020?  Did you have less income due to the pandemic?  Did you receive unemployment compensation?  If so, did you have tax withheld from it?

 

There are a lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc.  You may have lost Earned Income Credit or the Child Tax Credit— did a child turn 17?  If you received the EIC last year, remember that changes in the amount you earn have a big effect on the amount of EIC you can get. (Sometimes earning more money means less EIC)  Are you 65 or older ?  If so, your standard deduction is higher. Everyone has a higher standard deduction now so it is harder to use itemized deductions.

**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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