Why is the Federal 1040 computng total taxes of $5,262 on Taxable Income of $67,667?

[jamcrocke]

Taxable Income of $68,667?
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[Anonymous]

have a lot of qualified dividends and/or long term capital gains - look for capital gains and qualified dividends worksheet -    they might be tax at 0% ?       have any tax credits like for an EV?   looking at line 15 total taxes or line 22 balance due?      

[SteamTrain]

Why not....

It might seem a bit low...but if you have qualified dividends, and  LT-capital gains, then those get taxed at lower levels than your ordinary income (even though they do add into total taxable income) .  Tax tables are commonly NOT used when you have income sources other than simple W-2 income, pension and interest.

Print out your tax file as a PDF, but the large copy with all the calculation worksheets.  There should be a tax computation worksheet in there...most commonly it would be a "Qualified Dividend and Capital Gain Tax Worksheet"   but could also be one of ~ 6 other calculation worksheets, depending on your personal situation.

[VolvoGirl]

It depends on what kind of income you have, if you have capital gains or qualified dividends the tax on line 11 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.
https://ttlc.intuit.com/community/forms/help/form-1040-line-11-amount-is-less-than-standard-irs-tax-...

[dmertz]

Assuming no tax credits, this result is easily produced if married filing jointly and the income includes about $22,000 taxed as long-term capital gains.  If filing single it would take close to $60,000 of the income being long-term capital gains.