Hey Friends,
I just downloaded TurboTax Premier Desktop 2022 (MAC) and transferred my 2021 info over & it is showing I owe Federal & State taxes before I even enter any information for 2022?? We did owe last year & paid the balance before the filing deadline. Any ideas what could cause this? Been using TurboTax desktop for years and have never seen this one before!
The refund counter is a progress tool that tracks information as you enter it in real time. In theory it tells you what your refund would be or what you would owe if you were to stop and file right now instead of entering another form. It often makes weird assumptions, though, and therefore isn't reliable until you're done.
Without looking at your tax return there is no way to know what has the tool assuming you'll pay taxes without even entering a form. But I can tell you that the refund counter doesn't know what you're going to enter yet so can't be relied upon to make judgements until after you enter your information.
@RobertB4444 Thanks - Makes sense. Just the first time I have seen this one after transferring my inform the previous year. I know that the "refund counter" does change as we enter items but I have never had it transfer the data & show amount owed right out of the gate like that. Appreciate your help!
Curious if this solved your problem by completing return? I have same thing as I am transferring in my 2021 info into 2022 (extended) and I show I owe $ already as well. When I go to forms to see what income is generating this, it shows I have $66k in 1099 amounts which when I go to the form, I do not see? Guess I continue and see if it clears out.
Why does my TT account say I still owe tax due?
TT does not update after your return has been accepted. Your account will always show the result of the return you prepared using the software. TurboTax never knows if you received your refund —or how, when or even if you paid tax due. Your proof that you paid your tax will be your own bank/credit card records.
@Kdoo Sounds like you may have taken a 1099R retirement IRA distribution 2 years ago and spread the taxes overs 3 years ($198,000/3 = 66,000)? If you choose to spread it over 3 years, the income will be added to AGI in 3 equal parts on your 2020, 2021 and 2022 federal tax returns via Form 8915 included with each of those tax returns.