- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
I appreciate your review. Please note that entering the Stimulus data is at the Final Review section, not part of the Income data entry. If I select "we didn't get a stimulus payment" to run a comparison between with and without, the calculation tells me Your Credit is $3524, there Fed Tax Due $3219.
Now if I do the same by selecting Yes, and then enter the amounts 2336.35 and 1136, I get your credit is $52, and now the Fed Tax Due is $6691.
The program is essentially adding the stimulus back into the calculation increasing the Fed Tax Due. This is not correct. If I eliminate reporting the stimulus as it not taxable, then my Fed Tax would be $3219. So there is a problem with the calculation. You just can added it back in.
If the credit is substracted from the Taxable amount of 192290, it reduces the Tax Liability Line 33 to $12599. Substract what's been paid in Fed taxes, it will cause the Fed Tax due to increase. I've tried this many ways using TT and the calculation comes out the same. I am not comfortable using this process to show an increase in tax payment for monies that were not to be taxable.
Please check to see if this is missing something.