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Returning Member
posted Feb 25, 2020 9:32:39 AM

Tax calculation

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2 Replies
Returning Member
Feb 25, 2020 9:37:39 AM

I calculated my federal tax using the 2019 Federal tax tables, using the taxable income figure on Turbo Tax. But I got a very different answer than  what Turbo Tax came up with. Can I go over this with a Turbo Tax representative? Possible Turbo Tax made an error doing the calculations?

Level 15
Feb 25, 2020 9:42:00 AM

Is Turbo Tax less?  It depends on what kind of income you have, if you have capital gains or qualified dividends the tax on line 12a 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. 

 

This FAQ says line 11.  That was for 2018.

https://ttlc.intuit.com/community/forms/help/form-1040-line-11-amount-is-less-than-standard-irs-tax-table/00/25752 

 

@xmasbaby0  Can you tell the Mod to update this FAQ?