Calculation errors in Estimated taxes worksheet

Forum|Forum|2 years ago
March 23, 2024
3 replies
7 views

I'm trying to understand the math in the 1040 ES & W4 Wks. If I add wages, qualified Dividends and Capital gains and the "total of your other taxable income" less the deduction allowed, I arrive at a number that is vastly higher (20% higher) from what is shown as taxable income. What am I missing?

JohnB5677

Level 15

Unfortunately, we can't see your screen to see where you are, so I'll have to give you some ideas and ask you a couple of questions.

Are you Online, or on the Desktop/CD version?
What is your Filing Status? Single, Married ... ?
Did you take the correct Standard Deduction for your filling status for 2024?
- $14,600 for single taxpayers and married individuals filing separately,
- $29,200 for married.
- $21,900 for heads of households,
This is dedusted from the taxable amount.
If you didn't deduct this it would make a significant difference.

Please contact us again with any additional questions and provide some additional details.

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fwmccvtAuthor

Level 2

I am in the W4&ES worksheet that is included with in the forms view of the desktop version of TurboTax.. I'm NOT wondering if my inputs are correct. I am trying to figure out how that form calculates the final answer of estimated taxes

When I click on Taxable income and ask for data source this is what I get:

Estimated Taxes and Form W-4 Worksheet : Taxable income
Expected taxable income for 2024:
This amount is calculated based on the income and deductions entered in the section above, less the standard deduction (if greater than itemized deductions entered).

The problem is that when I add the income less deductions that are entered on the sheet, I arrive a far greater number

I have developed a workaround using Excel.

JohnB5677

Level 15

I did the same, and it looks correct.

Are you looking at the form ES & W4 Wks.

This worksheet will make adjustments for wages and withholdings received to date.
Did you include any of that.
It does calculate SE tax and tax on long Term Gains.

Please contact us again with any additional questions and provide some additional details.

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