@SloDriver wrote:
Status: Filed as Married filing jointly
IRS form: 1040
Lines 15 (Taxable Income) and 16 (Taxes)
Software: TT Deluxe
Line 15 is at $45,055
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I was comparing my 2020 tax filing across different platforms and found a discrepancy between TT and a couple of online tax software providers. All calculation and deduction numbers in the 1040 matches except in line 16 of my 1040 form which I believe is based on the amount in Line 15 (Taxable income).
According to the 2020 IRS taxable income chart my line 16 (taxes) should be $5,014. In TT, it has it listed as $4,750 which puts my Line 15 income at $42,850-$42,900.
At the end there is about a $300 difference in refund. I'll get $300 more using TT because of the lower tax.
Is anyone else seeing this error in their TT paperwork? I've been using TT for years and my first comparing it with other tax software. If TT has been under reporting all this time, that means I'm going to get penalized heavily if the tax man finds out.
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https://www.irs.gov/pub/irs-pdf/i1040tt.pdf
The tax table is one is 7 ways of computing the tax.
You probably have qualified dividends or capital gains that have a lower tax rate and have a "Qualified dividend and Capitol Gains Worksheet" that computed the correct tax.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
