topic Tax calcuation in Get your taxes done using TurboTax

Tax calcuation

MtnDrew1 — Mon, 27 Apr 2020 17:27:22 GMT

Using an excel spreadsheet and the tax bracket calculations I am showing I should be getting money back on my taxes, but TT is showing I still owe $30k. I have checked the bracket calc table multiple times and I'm not sure why TT is saying I owe more?

Re: Tax calcuation

GiseleD — Mon, 27 Apr 2020 18:11:30 GMT

We cannot see or verify the origin or accuracy of your Excel spreadsheet here. We also cannot see your return here, as this is a public forum.

Instead of using the spreadsheet, you might try using the official IRS tax tables here. Please keep in mind that some of your taxable income may be subject to favorable capital gains rates, so your calculated tax may actually be LOWER than the tax tables.

Re: Tax calcuation

MtnDrew1 — Mon, 27 Apr 2020 18:19:13 GMT

Thanks. My calcs are based off the irs tax tables you linked. I'm just not sure why turbo tax is saying my tax is higher than what the calcs off the tax table is. Is there a way to see how turbo tax is actually calculating it?

Re: Tax calcuation

MtnDrew1 — Mon, 27 Apr 2020 18:24:42 GMT

Also, do you know why the tax worksheet in the table link you provided is different than calculating using the progressive tax tables? Both methods render totally different tax amounts.