@evictor213 wrote:
There is definitely other taxes besides "Tax on all taxable income," as well as a small under-payment penalty. Are you saying that such things could bump my "Taxable income" into a higher tax bracket?
No, I didn't mention anything about that. I'm a fellow user, not a tax expert. I didn't say anything specific about your particular tax situation or your bracket. I'll let one of the tax experts address that. I commented above mainly to tell you how you could find the method (or methods) that TurboTax is using for your calculation. And the Tax Smart Worksheet I mentioned appears to have led to the Qualified Dividends and Capital Gains Tax Worksheet so that you could see the calculation that TurboTax did. Maybe you had already been looking at that QDCGT Worksheet, but we wouldn't know that until now.
In any case, let's see if TurboTax Expert @ThomasM125 returns to this thread during the day to explain in more detail about marginal tax brackets and any thoughts on why yours might differ from what TurboTax displays in that 5-year Tax History Report, and I'll step aside to avoid any further confusion.
