Based off my $59,329 of total taxable income and Married Filing Jointly filing status, tax is showing as $7,399...it should be $6721

Have you looked at your return to see why the tax is different? AMT or limited credit, etc? Please review your exemptions, credits, and tax calculations.

Online,

1. you can go to Tax tools
2. Tools
3. View Tax Summary
4. On the left side, click Preview my 1040
5. Page 3 lists your tax and shows which worksheets were used

Desktop

Switch to Forms mode

How is tax calculated for Line 16 of the 1040?

Thanks 

It is showing due to Foreign Income credit exepmtion - where can I see detailed calculation/ form for same. Also I do not place to enter Foreign Tax credit

A TurboTax Tax Expert can look at your return and explain the calculations. It's not possible to tell you what your tax liability should be with only your filing status and taxable income, especially since you have a foreign earned income exclusion.

To contact TurboTax: What is the TurboTax phone number?

To claim the foreign tax credit:

1. Type "foreign tax credit" in Search in the upper right
2. Select "Jump to foreign tax credit"
3. Complete the screens to claim either the credit or deduction

For more help: Where do I enter the foreign tax credit (Form 1116) or deduction for 2020?

Thanks - it says that IRS is not ready with 'Foreign Tax Credit' form for 2021. Do you know when it will be available i TurboTax. 

Form 1116-Foreign Tax Credit is expected to be available February 17.  For more information on TurboTax Forms availability see the following TurboTax Hellp Article:
 

IRS forms availability table for TurboTax individual (personal) tax products