topic Re: Wrong Tax Calculation in Get your taxes done using TurboTax

Wrong Tax Calculation

snids — Mon, 22 Feb 2021 11:22:10 GMT

My taxable federal income is $39,866. I have no withholdings. TurboTax is calculating my tax owed as $8,841. This is very incorrect, and I cannot figure out why.

Re: Wrong Tax Calculation

DMarkM1 — Mon, 22 Feb 2021 14:51:27 GMT

That is high. You need to find where the taxes are coming from. If you are using a desktop version go to the forms view in the top right hand of your page. If you are using TurboTax online you want to get a form view using these steps.

Click "Tax Tools" in the left hand menu

Click "Tools"

Click "View Tax Summary"

Click "Preview My 1040" in the left hand menu

Start with Line 16 which is the tax on the line 15 amount. Then check lines 17 and 23 for more potential taxes.

Once you have an idea of what the taxes actually are you may be able to find any potential errors.

Re: Wrong Tax Calculation

snids — Tue, 23 Feb 2021 04:47:30 GMT

Thanks for your reply. I figured out the issue--it's related to my foreign earned income exclusion. The TT calculation is correct (unfortunately).