I am looking at line 22 on the qualified dividends and capital gains worksheet.
Line 5: 118,298
Line 22: Figure the tax on the amount on line 5. If less than $100,000 use tax table... If greater than $100,000 use Tax Computation Worksheet...
From IRS: Married Filling Separate:
a b. c. subtract
Computation from IRS: 118,298 x 0.22 = 26025.56. 8,420. = 17,605.56. (by my calculation)
However the worksheet in TT is indicating a value of 22,471. This is a significant difference in my Tax!
Line 24 has a similar issue in tax calculation
My line 1 is 119,341
Line 24: (use tax computation in same manner as line 22)
Computation from IRS: 119,341. x 0.22 = 26,255. subtract 8420. = 17,835
However the TT calculation results in: 22,721
I saw something indicating TT computation is different and resulting in much higher tax!!!
Tax on 118,298 is $14,382. + 24% of the amount above $84,200 ($8184).. This yielding: $14382 + $8184 = 22566.
What is going on, why the difference?
