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Level 1
posted Mar 6, 2022 11:50:34 AM

Calculating Total Tax

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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4 Replies
Level 15
Mar 6, 2022 11:53:07 AM

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?

 

 

Level 1
Mar 6, 2022 12:13:55 PM

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

Level 15
Mar 6, 2022 12:17:41 PM

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.

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160

 

 

Level 15
Mar 6, 2022 12:20:00 PM

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