topic Tax calulation error? in State tax filing

Tax calulation error?

pgtt6817 — Sat, 01 Jun 2019 17:59:39 GMT

is there an issue with how TurboTax calculates taxes on Line 11a on the 1040 form. My turbotax says I owe $75,065 based on income on line 10 of $350,424. If you go and do it manually from the IRS 2018 Tax Computation worksheet, the math says it should be taxed at $75,515 (difference of $450) which one is correct?

Did you have capital gains or qualifying dividends?

Anita01 — Sat, 01 Jun 2019 17:59:40 GMT

Did you have capital gains or qualifying dividends?

qualifying dividends. that must have been the differenc...

pgtt6817 — Sat, 01 Jun 2019 17:59:41 GMT

qualifying dividends. that must have been the difference. thanks

I just checked it using a 15% for the qualifying dividend...

pgtt6817 — Sat, 01 Jun 2019 17:59:44 GMT

I just checked it using a 15% for the qualifying dividends part and turbotax is correct.

If it appears that there is a difference between the tax...

Anita01 — Sat, 01 Jun 2019 17:59:45 GMT

If it appears that there is a difference between the tax due in the program and the calculation of a higher amount from the IRS tables, the difference is likely due to Capital Gains income or Qualified Dividends in your return. Both those income sources can be taxed at much lower rates than the ordinary income from the tax tables.