Compute fed tax 2021, married filed jointly, Line 15= $176.029?

Forum|Forum|4 years ago
February 20, 2022
6 replies
28 views

Answer from Turbo tax= 27,096?

TurboTax Online

Best answer by VolvoGirl

ColeenD3,

Thanks for your pointer. That's another form and computation to look into and do.

I will get back to you with my computation to see if it makes any sense.

It depends on what kind of income you have. There are like 7 different ways to figure the tax.

If you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return. In the online version you need to save your return as a pdf file and include all worksheets to see it.

For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.

ErnieS0

Alumni - Intuit

Please clarify your question @shermshiao37. If Form 1040 line 15 is $176,029 and the tax is $27,096 it may be because part of your income is being taxed at the lower capital gains rate.

TurboTax guarantees all calculations with a 100% Accurate Calculation Guarantee. In plain English, if you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.

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shermshiao37Author

Level 2

ErnieSO,

Thanks for your prompt reply.

Could you show me the steps of computation. I came up with a much high number than the Turbo Tax number, based on the 2021 tax table! Actually, Line 15 is $176,029.

Thank you in advance.