Turbotax Importing W2 Overstating Amount Owed

[jhuddles]

After importing a W2, our amount owed shoots to an unreasonable amount (claiming we'd owe +20% of total income in federal taxes when our total rate falls sub 15%). The W2 has been manually reviewed to be sure all numbers are correct after importing.

There seem to be issues from past years with income / amount owed getting doubled – Has this been looked into this year?

[MayaD]

Did you have multiple W2s?

Most people see their refund go down/ amount owed increased, after entering a second W-2. This is because we start you off with the full standard deduction, which we subtract from the income you’ve entered so far. You don’t get this deduction with each W-2 you enter, just the first one. This means your second W-2 will appear to be taxed more.

For more information please check the link below:

ttlc.intuit.com

[jhuddles]

It is based on multiple W2s, but after adding together existing withheld federal tax plus the additional amount TT now says is owed, it's this unreasonably large total % of income.

[JohnB5677]

I suggest you take a look at your actual tax return.  It may give you some insight into the tax issue.

Preview 1040

To view your 1040:

1. On the menu bar on the left that shows.

   1. My Info

   2. Federal

   3. State

   4. Review

   5. File

2. Select Tax Tools

3. On the drop-down select Tools

4. On the popup menu

5. Select View Tax Summary

6. On the left sidebar

7. Select Preview my 1040

Key numbers on your return:

• Line 15 Taxable Income

• Line 24 Total Tax

• Line 33 Total Payments

• Line 34 Overpaid (This is your refund)

• Line 37 Amount you owe