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?
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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.
I did the same, and it looks correct.
Are you looking at the form ES & W4 Wks.
Please contact us again with any additional questions and provide some additional details.