- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Why does turbo tax use a blended tax rate percentage instead of the progressive bracket calculations? My tax liability is off $4 and I'm not paying a penny more to Sam.
I have a degree in Accounting and specialized in tax - my first job was a tax consultant. When calculating my tax liability using the 2022 brackets, it is $4 lower than Turbo Taxes calculation based on my effective tax rate. My marginal tax rate is 22% and when subtracting my agi from the standard deduction and multiplying by the 22% plus the $4807.5, I receive a tax liability $4 lower than turbo tax's calculation. Oh it's only $4? I'm not paying a dollar more to uncle Sam then I am required to do so. Of course I can't talk to a Turbo Tax professional because they want me to upgrade to deluxe even though this is a mathematical issue and not a question on my tax liability itself. Turbo Tax, how do I get technical help on your mathematical error. Multiplying by a rounded percentage point does not yield the same result as step by step arithmetic.
Topics:
‎February 9, 2023
3:44 PM