Calculation errors in Estimated taxes worksheet

[fwmccvt]

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]

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.

[fwmccvt]

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]

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.