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Get your taxes done using TurboTax
I have a similar issue and the discrepancy is $30.00 and I am married filing jointly.
I have created an Excel spreadsheet that mimics the tax return since 2014. For tax years 2014 to 2019, I have been exact with one exception; off by $1.00. That is because the Excel spreadsheet does not round up or down. If I entered $4,546.89, I keep it. IRS and all tax software will store it as $4,547.
For tax year 2020, I am off by $30.00.
I understand the 10%, 12% and 22% tax brackets; which I used for taxable income. I have qualified dividends, taxed at 15%.
I looked all entered values within Turbo Tax and the Excel spreadsheet; they are exact taking into account the "rounding up/down".
This posting from a tax expert stated, some components are taxed at different rate. Can you explain which components are not taxed using the gradient scale, 10%, 12% and 22% for ordinary income and 15% for qualified dividends?
I think that Turbo Tax is using an incorrect deduction and/or tax bracket limits; ie 10% at $19,750.
Thanks in advance