I have completed a 1040 tax return. Line 15 shows taxable income of $45,233.00.
Line 16 Tax shows the tax amount of $4,354.00.
The IRS tax tables for $45,233.00 show the amount of tax due for married filing joint of $5,032.00
Why is Turbotax showing a different amount than the tax tables?
The amount of tax on your return may be less than the amount shown in the tax table if you have long-term capital gains and/or qualified dividends.
Long-term capital gains and qualified dividends are included in taxable income but are taxed at lower rates than ordinary income. And TurboTax have calculated your taxes using these rates.
Please read this TurboTax article for more information.
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