TT calculated that I owe $4033 in Taxes.
According to the IRS I owe $4501.00 a difference of $468.00
They have these statement listed in the Account Transcript:
TP TAX FIGURES (REDUCED BY IRAF) PER COMPUTER:.......................$4,033.00
IMF TOTAL TAX (REDUCED BY IRAF) PER COMPUTER:........................$4,501.00
They also have this statement:
TAX ON INCOME LESS SOC SEC INCOME PER COMPUTER:........................$533.00
Why the discrepancy between what TT calculated and what IRS calculated? Where else on the transcript can I look for an explanation?
Customer service does not handle this type of issue. If your purchased Audit Defense, contact the number in your enrollment confirmation email.
No one on this forum can see your tax return. Even if you call customer service, they might be able to see your return but they can't see your account at the IRS.
You need your tax return transcript, not your account transcript. Also, if you filed and paid $4033, and the IRS thinks you owe $4501, the IRS will mail you a notice that contains the details of the adjustments. Either your tax return transcript or the adjustment letter will be needed to compare to your tax return to see what the IRS changed. Without those details, no one can tell you what the IRS disagreed with.
Could it be an underpayment penalty for owing too much? Did you have an amount on 1040 line 38?
If you do not pay enough tax, you may have to pay a penalty for underpayment of estimated tax. Even if you are getting a refund you can still owe a penalty for not paying in evenly during the year. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller. It is included in your tax due or reduces your refund. It's on 1040 line 38.
This could suggest that you failed to report some item of income that was reported to the IRS by the payer. Check the Tax Return Transcript for other lines where the "PER COMPUTER" line (calculated by the IRS from information returns filed by payers) differs from the similar line above it (without "PER COMPUTER", from items you reported on your tax return). Check your Wage & Income transcript for items of income that you did not report or reported differently from what was reported on the information return provided by the payer. For example, check to see if you reported a different taxable amount on pension income than the pension plan reported as taxable.
The discrepancy is likely too large to be explained by a tax underpayment penalty.