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Total tax showing is not accurate on what i calculate for 2024

 
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2 Replies

Total tax showing is not accurate on what i calculate for 2024

No one else can see your screen or your tax return.  We do not know where you are looking at the "total tax showing" or how you calculated your 2024 tax.   Provide some details---without any personal information.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Total tax showing is not accurate on what i calculate for 2024

@prashanthmudda 

There are several ways that TurboTax calculates tax.  It does not always use the IRS Tax Tables or the simple Tax Computation Worksheet.   It uses the method required for the specific circumstances in your return.   Some of these circumstances that require special calculations might be qualified dividends, capital gains, foreign earned income exclusion, etc.   Any of those items, plus many other situations, require tax calculation on specified worksheets.  A common example is the Qualified Dividends and Capital Gain Tax Worksheet.

 

If you are using Online TurboTax, here's how to look and see what method TurboTax used to calculate your tax; i.e., the tax amount shown on your Form 1040, Line 16.   I'll address "Total Tax" (Line 24) in a note below:

 

  • Open your return, and in the left menu column choose TAX TOOLS, then subtab TOOLS.
  • In the Tools window choose VIEW TAX SUMMARY.
  • On the Tax Summary screen go to the left column menu and under Federal, choose the subtab Preview My 1040.  That will open the Form 1040 Worksheet.
  • On the Form 1040 Worksheet scroll down to between lines 15 and 16 and view the Tax Smart Worksheet, which shows the method(s) that TurboTax used to calculate your tax.

NOTE:  That calculation method shown is for the Line 16 TAX amount.   Since you  mentioned "Total Tax", that would also require consideration of what all you have on Lines 17-23, to arrive at the "Total Tax on Line 24."     This is a public Internet forum, so obviously, don't post any personal information in the public forum.

 

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