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Deductions & credits
The instructions for line 14 state: "To compute the tax, see the instructions for your tax return for the applicable Tax Table or worksheet to use. For example, Form 1040 or 1040-SR filers can use the Tax Table; Tax Computation Worksheet; Qualified Dividends and Capital Gain Tax Worksheet; Schedule D Tax Worksheet; Foreign Earned Income Tax Worksheet; Schedule J; or Form 8615, Tax for Certain Children Who Have Unearned Income."
So how is your regular 1040 tax being calculated?
It is common for taxpayers who have qualifying dividends and/or capital gains to not realize that their tax does not come from the tax tables. Please look at your return for a tax worksheet that describes how your tax is being calculated.
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March 5, 2024
6:13 PM