Any accountants or anyone who knows the 1040?

[Rushie]

What happens if the total tax does not equal the amount you owe?

Line 63 of the 1040 "This is your total tax" is not equal to line 78 "Amount you owe" on my mom's return. It's off by $8. Her accountant just now uploaded it and apparently went home for the weekend. I'm supposed to sign it (PoA for mom) and upload it to the portal.

Other than the $8 discrepancy everything is fine, there is nothing on all the lines in between line 63 and line 78. Her total tax is $1340 but the IRS is going to draft $1348 from her account.

Is this a typo or is there some reason for this, like some schedule they get the tax from?

 

[Sac Arrow]

There isn't enough information in your post to render a judgement, but if it's only an $8 discrepancy, don't worry about it.

 

[NealRomeoGolf]

What's on line 74?

 

[paflyer]

I'd guess a typo.

You have until midnight on Tuesday to file if it bugs you enough to have the accountant fix it.

 

[luvflyin]

What happens if the total tax does not equal the amount you owe?

Line 63 of the 1040 "This is your total tax" is not equal to line 78 "Amount you owe" on my mom's return. It's off by $8. Her accountant just now uploaded it and apparently went home for the weekend. I'm supposed to sign it (PoA for mom) and upload it to the portal.

Other than the $8 discrepancy everything is fine, there is nothing on all the lines in between line 63 and line 78. Her total tax is $1340 but the IRS is going to draft $1348 from her account.

Is this a typo or is there some reason for this, like some schedule they get the tax from?

I ain't got the form with the lines to look at, but it sounds like there is an $8 difference between the "Total Tax" and the amount that has already been paid, probably via withholding or quarterly estimates during 2016

 

[NealRomeoGolf]

I ain't got the form with the lines to look at, but it sounds like there is an $8 difference between the "Total Tax" and the amount that has already been paid, probably via withholding or quarterly estimates during 2016

That's why we need to know line 74.

 

[Rushie]

I found it. Nothing on line 74 but there's $8 tucked down in a little box that says "penalty". I think it's because she didn't pay quarterly and had no withholding. I'll have to sort it out with the accountant.
Thanks for your responses! I hate tax time.

 

[NealRomeoGolf]

I hate taxes too. That's why I'm not a tax accountant. We come in all sorts....kind of like lawyers.