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Level 2
posted Jan 30, 2020 3:59:33 PM

TT's 1040 line 11b for 2019 shows taxable income of $47,371 ( married filing jointly ). line 12a & 12b tax shows $5,257 but I calculate it $5,296.52. Which is right?

0 3 3829
3 Replies
Level 15
Jan 30, 2020 4:33:29 PM

Probably the TTX calc.

 

You are likely just using the tax tables....but the tax tables alone aren't used if you had any $$ in boxes 1a,1b, or 2a of a 1099-DIV form, or any other long-term capital gains on brokerage transactions.  Special calcs. are used since those other types of income are taxed at lower rates,or not at all.. 

Level 2
Jan 30, 2020 5:07:13 PM

Yes, your explanation fits my situation and is undoubtedly the answer!  Thanks for the quick response!! Much appreciated.

Level 2
Feb 5, 2020 12:26:25 PM

thanks,. I was looking up for same question and your answer helped me figure it out