- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
I see that I was under the mistaken impression that, to calculate the tax liability, TT applies the taxable income on 1040 line 15 to the same federal tax table and, depending on the filing status, comes up with the tax on line 16. But now I see that there are several tax tables.
In 2022 it used the "Schedule D Tax Worksheet" and in 2023 it used the "Qualified Dividends and Capital Gains Tax Worksheet". So I was comparing apples to oranges. Even though it seems strange that a lower taxable income results in a 25% higher tax, I'll assume TT is correct because I know that the input I gave it is correct.
March 22, 2024
5:35 AM