Taxable Income is 375,943. MFJ. Per Form 1040 tax table, federal tax liability should be (375,943) x (.32) - 37,969 = 82,333. TurboTax says Tax Liability is 83,857. Why ?
My taxable Income is 375,943. Married Filed Jointly. Per the 2020 Form 1040 instructions tax table, federal tax liability should be (375,943) x (.32) - 37,969 = 82,333. TurboTax says my federal Tax Liability is 83,857. Why is that? Is it incorrect?
Thank you. I had not included my Additional Medicare or Investment Taxes.
What is the theory/reasoning behind those additional taxes coming from Forms 8959 and 8960? Seems like a double ding! Especially the investment income, since that income is already including in the overall gross income taxed on line 15.
