Turbo Tax is showing 2 different tax liabilities when I click on the "why do I owe $[]" and it is saying I owe more than what it shows on "your tax breakdown" table.

At the "Federal Review" stage I was reviewing the breakdown and Turbo Tax is saying in one place my tax liability is higher and in another place it is lower. I called and spoke to someone but they mentioned that it might have to do with dividends being taxed at a different rate. However, the associate didn't seem that sure and it didn't leave me with a lot of confidence. Has anyone else had the same issue.

282

Level 15

Apr 19, 2023 5:54:36 AM

@rt2300

The one I see is details it all, not sure why there is any confusion.

1) Your Tax Liability is total tax calculated for all your income....ignoring credits and pre-payments.

2) Then a section showing all the taxes you have already pre-paid,...i.e. Withholding, Quarterly Estimated tax payments, PLUS any other credits applied as a total credit.

3) then a final line indicating what is left for you to pay now (or refund you will receive if #2 is greater than #1)

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Turbo Tax is showing 2 different tax liabilities when I click on the "why do I owe $[]" and it is saying I owe more than what it shows on "your tax breakdown" table.