Re: Tax Rates

I am using turbo tax deluxe...Taxable income is 102,143, married filing jointly...the software calculates the tax at $24,000...this can't be correct...rate should be $9086+22% of excess over $78,950 or Appx $14,628...is there a problem with the software???

posted

what line is the $24k on? these board would be "blowing up" if there was a bug.

what about 1099-C income where there is a 15.3% tax, or penalties from 1099R forms?

look on schedule 2

do you have any penalties for 1099-R withdrawals? (under 59.5 years old?)

do you have any 1099-C forms as you have to pay the 15.3% self employment tax related to social security.

24,000 sounds like the Standard Deduction for Joint. Actually the Standard Deduction is 24,400. But if you took a early distribution from a 401K or IRA you may have the 10% early withdrawal penalty added. But if your tax is way off go back and check all your entries, especially income on W2 box 1 wages. You may have typed a decimal point in the wrong place or left it out.