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niyola
New Member

Calculated my tax based on taxable income of 193,852 , 193952*32% minus 18863.5 = 43349.20 plus Qualified div 59028*15% = 8854, but my 1040 shows 55397, 3K higher, why

 
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2 Replies
JohnB5677
Employee Tax Expert

Calculated my tax based on taxable income of 193,852 , 193952*32% minus 18863.5 = 43349.20 plus Qualified div 59028*15% = 8854, but my 1040 shows 55397, 3K higher, why

I'm sorry, I'm not following the numbers. 

  • Why did you use 32%.  Is that the marginal tax rate?
  • Where did the 18,863.50 come from?
  • Were the qualified dividends included in the taxable income?

Also check Schedule 2.  Did you have 

  • Alternative Minimum Tax
  • Self Employment tax
  • Additional tax on IRAs
  • Form 8959 Additional Medicare tax
  • Form 8960 Surtax on excess investment income
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niyola
New Member

Calculated my tax based on taxable income of 193,852 , 193952*32% minus 18863.5 = 43349.20 plus Qualified div 59028*15% = 8854, but my 1040 shows 55397, 3K higher, why

thanks  for your reply.  I found the problem; I needed to use schedule D worksheet to calculate taxable income.

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