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Get your taxes done using TurboTax
I think TurboTax may still be using the 2019 method of calculation, since when it prompted my daughter to enter my taxable income, the instructions on screen referenced the line numbers for the 2019 form, not the 2020 form:
Even though it says "2020", it says 1040, line 11b, which is where taxable income is in the 2019 form 1040. In the 2020 form 1040, taxable income is line 15.
Alternatively, I wonder if this prompt is asking for just one parent's income, not the joint income (even though it asks if the parents are married and filing jointly). If I enter half of mine and my wife's total income, then the amount of taxes my daughter owes drops by quite a bit, and makes it almost exactly 22% of her taxable income.
‎February 10, 2021
10:46 AM