ichosetobehere t1_j6bthgg wrote on January 29, 2023 at 5:14 AM

Reply to comment by kylejack in Owe almost 10k in federal income taxes? by [deleted]

I meant when I entered it in turbo tax it showed 10k owed. I did not go through the other steps

kylejack t1_j6btmaz wrote on January 29, 2023 at 5:15 AM

Well, going through all the steps is very important and changes how much tax you owe. Whats in boxes 1 and 2

fishsupreme t1_j6bvqjz wrote on January 29, 2023 at 5:35 AM

There's your problem. TurboTax is showing what you'd owe with no deductions, no exemptions, nothing but income. TurboTax will always say you owe a ton if you've done income but not deductions.

ResidentAssumption4 t1_j6bxxdh wrote on January 29, 2023 at 5:58 AM

Oh I assumed OP went past the initial income part. This is definitely what’s going on. They just need to go through the next section (sounds like standard deduction) to figure out that whatever number they see now will change significantly.

ichosetobehere t1_j6c1nkt wrote on January 29, 2023 at 6:41 AM

I'm pretty sure they include the standard deduction by default because that is the minimum deduction. Thankfully I itemize 2x that and was able to get it down to 5k. The default withholding definitely seems way off. I'm a very basic case, only other missing pieces are interest/dividends and that will only increase the bill

[deleted] OP t1_j6bziyj wrote on January 29, 2023 at 6:16 AM

So you didn't actually complete your tax return? There's no way to calculate what you owe (or what your refund is) until your tax return is 100% accurate and complete.