Why does my 2018 turbo tax return shows tax for single person on $29,732 taxable income to be $2045 but 2018 1040 IRS tax table shows tax to be $3377?

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Turbo Tax shows tax due on $29,732 taxable income is $2045 for 2018 but 2018 1040 tax table shows tax on $29,732 to be $3377. Why the big difference & which is correct so I can complete my return?

TurboTax Deluxe Online

Answer

Most likely, there is some type of credit on your return in the lines below your taxable income on the 1040. I have attached an image of the section of the 1040 where credits are deducted.

Also, is all your income wage income. Capital gain/investment income is not taxed the same as wage income.

Anonymous

Answer

Most likely, there is some type of credit on your return in the lines below your taxable income on the 1040. I have attached an image of the section of the 1040 where credits are deducted.

Also, is all your income wage income. Capital gain/investment income is not taxed the same as wage income.