@ gotohome wrote:
I am using 2017 Turbotax Premier. Your program calculated a taxable income of $28,368 (line 43) and a corresponding tax of $583 (line 44) for a single payer. The 1040 tax tables say the tax should be $3790. I'd like this error fixed.
This is a user community forum, but we may be able to tell you what is going on.
TurboTax does not always use just the Tax Tables to calculate your tax due. There are several tax calculation methods, and TurboTax uses whatever method is prescribed by the items in your return. For example, did you have any qualified dividends? Or any capital gains from the sales of stocks, bonds, mutual funds, etc., or capital gain distributions from mutual funds? When you have qualified dividends and/or capital gains, the tax is calculated on the Qualified Dividends and Capital Gain Tax Worksheet and will be lower than the Tax Tables. Those items are taxed at a lower rate than the ordinary income in the Tax Tables. If you had such items, go into Forms Mode and look at that worksheet which shows the calculation. In the forms list it may be abbreviated as Qual Div/CapGn.
Also, here's how to look to see what method(s) TurboTax used to calculate your tax:
Go into Forms Mode and view the Form 1040 from the forms list.
In the vicinity of Line 43 or 44, look for a "Tax Smart Worksheet."
It tells you where the tax calculation came from.
