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Get your taxes done using TurboTax
I disagree with the reply about the tax rate and selecting pre-TCJA giving a lower tax rate for high brackets. There is clearly a calculation issue with your program. When I entered my child's info it gave a ridiculous tax owed amount. He had $3687 total income. All unearned income from interest and dividends. Turbotax calculated his Taxable Income as $2587 yet the program says he owes $9868. He can't owe almost 4 times more taxes than his Taxable Income. This is a tax rate of 381.4%. When I entered my second child's tax info it gave a ridiculous tax owed amount. He had $3070 total income. All unearned income from interest and dividends. Turbotax calculated his Taxable Income as $1970 yet the program says he owes $5781. He can't owe almost 3 times more taxes than his Taxable Income. This is a tax rate of 293.5%. I looked at the forms and your program error is on 8615 Schedule D Worksheet Under Family Aggregate Line two, the number being pulled in to each child is different (can’t determine source) but is not the 1040 Line 3a number from parent form that is indicated and which was entered correctly in step-by-step of child’s form as asked. This occurs if option to use pre TCJA is selected and if not their taxes owed is zero.