@TaxFiler111 wrote:
I believe there may be a tax calculation error in Turbo Tax. Turbo Tax Premier (CD version, with latest updates in place) says your taxable income is $34,042 and it calculated Federal tax owed of $2898. Filing status is Married filing jointly. According to the 2020 IRS tax tables the Tax owed should be $3688. I don't mind a lower amount if it is correct, but it just doesn't appear to be correct.
Please review and advise. Thank you.
Look at your tax return Form 1040 on Line 16. Is there an indication on the left of Line 16 showing the taxes were calculated on some other worksheet or form?
Did you report any Qualified Dividends or Capital Gains on the federal return? If so, the tax tables would no be used. The Qualified Dividends and Capital Gains Worksheet would be used which would normally result in a lower tax on the taxable income.
