$713 in Taxes on only $5566 Taxable Income?
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Freezyman
New Member

$713 in Taxes on only $5566 Taxable Income?

So, Turbo Tax says my daughters taxable income is $5566 and I owe $713 in taxes = 12.8% tax rate.

Best I can tell, the tax rate for this low of income is 10% so I'd expect to pay $55.66 in taxes but Turbo Tax says I owe $713?   What's up with this?    Some of this income came from regular income, some came from Short Term stock gains & 1099 Dividends but all that is all lumped into regular income as far as I know so that shouldn't account for the apparently too high tax rate?  Thanks for help before I file!

 

3 Replies
Freezyman
New Member

$713 in Taxes on only $5566 Taxable Income?

Ooops, I missed a decimal point... I'd expect to pay $556.60 in taxes! (not 55.66).

fanfare
Level 15

$713 in Taxes on only $5566 Taxable Income?

what do you mean - "I owe" ?

What does she owe , should be the question

Freezyman
New Member

$713 in Taxes on only $5566 Taxable Income?

OK, semantics 🙂   I / her (I'm helping my daughter prep her taxes)... the point is, why is Quicken apparently miscalculating? 

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