Turbo Tax is calculating a total tax amount of $12,457 for a single tax payer with a taxable income of $49,913. According to the IRS tax tables, the total tax amount should be $6,529.
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So on your From 1040 Line 15 you have taxable income of $49,913 and on Line 16 you have Taxes of $12,457, is that correct?
I really appreciate your quick response!! $49,913 is on line 15, however the amount on line 16 is $6,662. Digging in deeper, I now see an amount on line 23 totaling $5,523 that wasn't there in previous years. Any idea what triggered line 23? Thanks
See what other taxes you might have on Schedule 2
https://www.irs.gov/pub/irs-pdf/f1040s2.pdf
like an 10% Early Withdrawal Penalty on a IRA or 401K distribution. Or self employment tax.
To see all the forms you need to pay any fees first with a credit card.
Did you have a net profit from self-employment then that would include Self-Employment taxes. Look at Schedule 2 for other taxes which may be included in that total on the Form 1040 Line 23
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