- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How can I have a Tax liability of $554,345.00 with an income of $89,777? The 554,345 shows in the Federal Balance Due.
Topics:
posted
June 6, 2019
12:29 PM
last updated
June 06, 2019
12:29 PM


1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How can I have a Tax liability of $554,345.00 with an income of $89,777? The 554,345 shows in the Federal Balance Due.
You obviously have an error in one of your entries. I'd save the return to a PDF file and then view your 1040 form to find out where your erroneous entry was made. It is possible you missed a decimal point some where and you inadvertently entered too much income.
June 6, 2019
12:29 PM
3 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How can I have a Tax liability of $554,345.00 with an income of $89,777? The 554,345 shows in the Federal Balance Due.
I checked all inputs and they were all correct in the Income section. Access to PDF and 1040 not available until complete. Having used TurboTax for the last 8 years, I porchased a PC version and am going to use it as it has more flexibility in checking your work and the 1040 is visible at any point in the input process.
June 6, 2019
12:29 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How can I have a Tax liability of $554,345.00 with an income of $89,777? The 554,345 shows in the Federal Balance Due.
You obviously have an error in one of your entries. I'd save the return to a PDF file and then view your 1040 form to find out where your erroneous entry was made. It is possible you missed a decimal point some where and you inadvertently entered too much income.
June 6, 2019
12:29 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How can I have a Tax liability of $554,345.00 with an income of $89,777? The 554,345 shows in the Federal Balance Due.
sometimes wrong if you are using turbo tax go back to your income and look at your w-2, 1099's etc and make sure your entries are correct. also income from your business or sale of stocks etc. ckeck all of your income again
June 6, 2019
12:30 PM
Still have questions?
Make a post