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Get your taxes done using TurboTax
I think I have figured out how the "Your Total Income" as reported by Step-by-Step in "Let's Review Your Numbers" is calculated. I’m not 100% certain this correct since there are some Lines on Form 1040 where I don’t have entries, but the best I can tell this should be really close if not spot on.
“Your Total Income” is calculated by adding up the following lines from Form 1040:
Line 1i - Nontaxable combat pay election
Line 1z - total of Lines 1a through 1h
Line 2a - Tax-except interest
Line 2b - Taxable interest
Line 3a - Qualified dividends
Line 3b - Ordinary dividends
The larger amount of Line 4a OR Line 4b (not both) - IRA Distributions
The larger amount of Line 5a OR Line 5b (not both) - Pensions and annuities
The larger amount of Line 6a OR Line 6b (not both) - Social security benefits
Line 7 - Capital gain or loss
Line 8 - Other income from Schedule 1
"Your Total Income" as reported by Step-by-Step in "Let's Review Your Numbers" will not match Line 9 on Form 1040 if you have any tax-except income.