There is a slight difference in tax from what you have stated. For MFJ in the 22% tax bracket, the tax is $9,328, plus 22% of the amount over $81,050. However, you are correct in that your federal tax amount does appear to be much less than what it should be.
Have you double checked your withholding entries? We do not know if your spouse worked; however, we have seen situations where one spouse's withholding is much greater than it needs to be based on that spouse's earnings. The net effect of that excessive withholding is a lower tax bill or a substantial refund.
Do you have any carryover losses from the prior year? TurboTax will carryover prior year losses and apply them if eligible. Lastly, do you have any tax credits that have been applied to your tax liability? Tax credits lower your tax liability dollar for dollar.
Midget57
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