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kinglyn
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If I have an agi of 86,805 and a taxable inc of 59,405 how much tax is owed. This is for year 2020 married filing jointly

How do I figure tax owed
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4 Replies

If I have an agi of 86,805 and a taxable inc of 59,405 how much tax is owed. This is for year 2020 married filing jointly

The program will do this for you automatically.  Ordinary income is taxed at a different rate than long term capital gains, for example.

If I have an agi of 86,805 and a taxable inc of 59,405 how much tax is owed. This is for year 2020 married filing jointly

It depends on many things like if you have any capital gains, etc.  Do you want to know the tax on the income or the tax due/refund you might owe?  And you might owe extra tax or penalty for other things like a IRA or 401k early withdrawal.  

 

1040 2020 Instructions
https://www.irs.gov/pub/irs-prior/i1040gi--2020.pdf


2020 Tax and EIC Tables
https://www.irs.gov/pub/irs-prior/i1040tt--2020.pdf

 

If I have an agi of 86,805 and a taxable inc of 59,405 how much tax is owed. This is for year 2020 married filing jointly

 

You have not provided enough information.   Enter all of your information into the 2020 tax software and let the software do the calculations.

 

You cannot use the online software program to prepare a 2020 tax return.   Online is only for 2021 returns.

 

Online preparation and e-filing for 2018 and 2019 and 2020 is permanently closed.

To file a return for a prior tax year

 If you need to prepare a return for 2018, 2019 or 2020 you can purchase and download desktop software to do it, then print, sign,  and mail the return(s)

https://turbotax.intuit.com/personal-taxes/past-years-products/

You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.

 

Remember to prepare your state return as well—if you live in a state that has a state income tax.

 

https://ttlc.intuit.com/community/state-taxes/help/how-do-i-contact-my-state-department-of-revenue/0... 

 

When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.

Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.

 

Note:  The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac.  It cannot be used on a mobile device.

 

If you are getting a refund, there is not a penalty for filing past the deadline.  If you owe taxes, the interest/penalties will be calculated by the IRS based on how much you owe and when they receive your return and payment. The IRS will bill you for this; it will not be calculated by TurboTax.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

If I have an agi of 86,805 and a taxable inc of 59,405 how much tax is owed. This is for year 2020 married filing jointly

@kinglyn - as others have stated not enough detail, however

 

1) if you filed, the answer is on Line 16 of Form 1040. 

2) is there any self employment tax? anything taxed at the capital gains rates? any tax penalties for IRA withdrawals before the age of 59.5? 

3) assuming the entire $59405 is ordinary income and there are no additonal taxes for any reason, then you can just look up the tax in the instruction booklet. 

 

https://www.irs.gov/pub/irs-prior/i1040gi--2020.pdf

 

look at page 73; the tax is $6736, but understand that is the 'tax' before any tax credits you may be eligible for are applied or any additoional taxes (premature withdrawal from IRA, self employment tax, etc) are added 

 

why are you asking?

 

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