topic Re: Wrong tax calculation? in Get your taxes done using TurboTax

Wrong tax calculation?

llodds — Mon, 09 Mar 2026 04:45:18 GMT

I am single and have a fairly simple income composition. The taxable income is $124,028. last year (line 15 on Form 1040), according to TCW, the tax should be:

$124,028*0.24 - $5979 = $23787.

Yet Turbox form generated form says the tax should be $23,601. (line 16 on Form 1040)

Why is the difference? Am I missing anything here?

Many thanks.

Re: Wrong tax calculation?

JamesG1 — Sun, 27 Feb 2022 19:46:05 GMT

Perhaps your tax return contains a Qualified Dividends and Capital Gain Tax Worksheet that calculates a lesser tax burden?

The form can be viewed here at page 36.

The worksheet can be viewed at Tax Tools / Print Center / Print, save or preview this year’s return / Include government and TurboTax worksheets.

Re: Wrong tax calculation?

llodds — Sun, 27 Feb 2022 20:30:29 GMT

Yes you are right. I have a qualified dividend of $2069, so the new calculation would be

($124028 - $2069)*0.24 - $5979 + $2069*0.15 = $23601.51

which is exactly what I saw in the form generated by TurboTax.

Thank you so much!