- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
TurboTax is calculating the wrong value for Federal tax. Too low by about $2k.
Also the value does not change if I change my Property Tax amount (which changes my taxable income). If I change any other value, the fed tax does change. If I change Property Tax, fed tax does not change but state tax does. I tried entering Property tax a couple of different ways (i.e. you can enter it alongside a mortgage, or enter it separately). Same result.
I reviewed a response to a similar question and can provide 2 details: I am definitely into Itemized deductions (not standard)
AND...an update, I learned from reviewing the forms that I AM subject to AMT, which is where this is coming from. The summary shown in "Federal Review" simply does not show the right values for tax owed. The AMT is what is causing my property tax amount to be ignored.
Topics:
‎June 4, 2019
2:11 PM