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Level 1

Solved

Under Tax breaks , how is that calculated??

Forum|Forum|7 years ago
June 5, 2019
1 reply
20 views

How is the Income Taxes Paid calculated ?

TurboTax Deluxe Online

Best answer by AnthonyC

While it shows under Deductions and Credits, it’s actually just a summary number and not necessarily related to any particular deduction (some of it is not even a deduction - i.e. federal taxes withheld on your federal return).

It summarizes ALL of the taxes you have paid either directly or through withholdings on Forms such as W2s, 1099s, etc for both your federal and state returns. For example, that number would include both of your Federal and state withholdings from your W2s. It can also include local taxes, refunds applied to this year's taxes from a prior year, balances due from prior years that were paid in this year, and payments made with any extension you might file.

Level 12

While it shows under Deductions and Credits, it’s actually just a summary number and not necessarily related to any particular deduction (some of it is not even a deduction - i.e. federal taxes withheld on your federal return).

It summarizes ALL of the taxes you have paid either directly or through withholdings on Forms such as W2s, 1099s, etc for both your federal and state returns. For example, that number would include both of your Federal and state withholdings from your W2s. It can also include local taxes, refunds applied to this year's taxes from a prior year, balances due from prior years that were paid in this year, and payments made with any extension you might file.