topic Let's say my AGI is: $58,000 The standard deduction for married filing jointly is $24,800. Taking my Taxable income to $33,200. Don't I pay taxes on the $33,200? in Retirement tax questions

Let's say my AGI is: $58,000 The standard deduction for married filing jointly is $24,800. Taking my Taxable income to $33,200. Don't I pay taxes on the $33,200?

lindap-privatehc — Fri, 26 Mar 2021 15:13:40 GMT

Re: Let's say my AGI is: $58,000 The standard deduction for married filing jointly is $24,800. Taking my Taxable income to $33,200. Don't I pay taxes on the $33,200?

Opus 17 — Fri, 26 Mar 2021 15:17:48 GMT

Yes, that's the basic math. What's your concern?

Re: Let's say my AGI is: $58,000 The standard deduction for married filing jointly is $24,800. Taking my Taxable income to $33,200. Don't I pay taxes on the $33,200?

fanfare — Sat, 27 Mar 2021 18:06:24 GMT

TurboTax calculates your tax , That's what you're paying for.

The tax calculation worksheet applicable depends on your type of income and other forms on your tax return.

Re: Let's say my AGI is: $58,000 The standard deduction for married filing jointly is $24,800. Taking my Taxable income to $33,200. Don't I pay taxes on the $33,200?

VolvoGirl — Sat, 27 Mar 2021 18:09:16 GMT

It depends what kind of income you have. Even though the full amount shows up in the total income on the 1040 line 7, if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from Schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return. In the online version you need to save your return as a pdf file and include all the worksheets to see it.

Is the tax on line 16 lower than the tax tables? Or what line are you asking about?