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Could the experts please check the top California tax bracket used in turbotax 2022?
In California form 540, when line 19 taxable income is $1,565,032 for married filing jointly, turbotax calculated line 31 tax to be $159,183, but California FTB website calculated line 31 to be $157,560, same as in manual calculation using the tax rate schedule. If line 19 is below $1,354,550, turbotax calculated the tax correctly. It appears turbotax is using 13.07% for the top CA tax bracket, instead of 12.30%.
FTB online calculator:
https://webapp.ftb.ca.gov/taxcalc/?Submit=2022+Tax+Calculator&Lang=english&redirectURL=OTC
From the FTB 2022 tax rate schedule for married filing jointly:
If the amount on Form 540, line 19 is $1,354,550 AND OVER,
enter on Form 540, line 31 $131,671.04 + 12.30% of the amount over 1,354,550
‎January 28, 2023
4:26 PM