Here's the deal, I filed an extension request thru Turbotax and paid the amount I thought would be owed. I've since found a stock sale I forgot about, and now owe more plus interest.
I'm getting ready to e-file, the software says it knows I paid the extra but when I'm about to hit enter, it tells me the IRS will take out the whole amount, not just the extra. That will bounce. There's a place I can manually enter additional taxes already paid, but I'm not sure that's how to handle this. Help! The clock is running on the interest.
It's a software issue that I'm increasingly finding is a problem here.
The amount you paid with the extension should be included already, under the Deductions & Credits tab in the Estimates & Other Taxes Paid section. If it is, then the amount shown for what you owe, is how much additional tax you owe.
If what you paid already is not included in the Estimates & Other Taxes Paid section, then you need to work that section through and add it. After you add it, you need to work through the "review" section again, so the program can "do the math" and account for what you added.
The program says it accounted for my payment with the extension. I went and looked at the 1040 forms and it's not showing up. I want to manually enter it, it needs to be shown. Program is like uncooperative. I tried working through this and it just doesn't enter it in other taxes paid. frustrating.
I went to the forms section and checked line 70. It wasn't in there. So I went back to the worksheet and for whatever reason, it showed the amount I paid but it didn't carry over to the 1040. I tried it a new way, and entered it manually and it worked. When I filed the 1040 had it, as did the additional amount I owed. I keep running into weird things in the software, and if you don't catch it, even running the review your return section doesn't either. Same thing with stock sales that show up in your W-2 where the broker doesn't report the basis. It's a problem, and you have to go back and make sure it's in there right.