Difference in tax calculation

[raandom]

For the taxable amount of $191,051., Turbotax is showing taxes will be $32,599.

But Per IRS slab for 2023 taxes, the tax amount is $32,652.

32580 + (191051 - 190750) * 0.24 = 32652

Why is this difference of $53 ?

[xmasbaby0]

There is more than one tax table used.  There are several.  Did you have any capital gains or qualified dividends, for example?

[raandom]

Yes I have capital gains or qualified dividends.

I am following this IRS link for calculation. https://www.irs.gov/filing/federal-income-tax-rates-and-brackets

Here I am talking purely about the tax calculation. Taxable amount to Tax amount.

Not the final tax amount.

[SteamTrain]

BUT...you also indicated that you had some Dividends and Capital Gains.....Qualified Dividends and Captial Gains, (that are included in your total "taxable" income number)...thsoe are taxed at a different, usually lower rate.  So you just can't use the "simple" calculation all of it.

You need a printout of your entire file including the worksheets...the calculation is probably on the Qual Divs & Cap Gains Tax Worksheet  (though could be a different one, that one is most common)

[VolvoGirl]

There are like 7 different ways to calculate the tax.
It depends what kind of income you have. Even though the full amount shows up in the total income on the 1040 line 7, if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from Schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return. In the online version you need to save your return as a pdf file and include all the worksheets to see it.

For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.

IRS Qualified Dividends and Capital Gain Tax Worksheet—Line 16 on 1040 instructions page 36
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

See….
https://ttlc.intuit.com/community/forms/help/form-1040-line-11-amount-is-less-than-standard-irs-tax-...