Why do I owe so much in federal income taxes this year?
Also keep in mind with an income that high you might be subject to AMT. If so, some of your deductions will be disqualified.
by travelguruette - 18 hours ago
I have always found it ludicrous that Turbotax (and it's competitors) display a running total of taxes owed/refunded as soon as you enter the W-2s. This is a 1040EZ mentality and if I'm doing a 1040EZ, I'm not buying TT to do my return. TurboTax likes to take credit for showing you much it "saved you" by posting this number up front and then whittling it down as you progress through the tax return. The first time the tax amount is even relavant is after itemized deductions.... For all we know you paid $20,000 in mortgage interest! And that would be enough to bring the taxes owed to zero.
by Quick Answers - 18 hours ago
Your balance due is not relevant. Your tax due before prepayments is what is relevant. You also don't state if Turbo Tax has figured in child credit or if you entered itemized deductions. You may have a ways to go yet.
by wartz - 18 hours ago
Since you don't mention how much you had withheld for federal income tax, there's no way to tell whether it's right or not.
by Judy - 18 hours ago
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