Line 16 is discrepant by $9k. I have NO capital gains or dividends and interest. Income is +$100k so the tax table I need to use appears to be Section B on page 74 of the IRS instructions. I am not comfortable filing my taxes with this $9k discrepancy until I understand why it is occurring.
You'll need to sign in or create an account to connect with an expert.
Thank you for providing the token number of your file. After taking a closer look at the diagnostic file of your return, the income tax amount shown on line 16 of Form 1040 is accurate.
Because your taxable income is greater than the limit for using the actual tax tables, there is a computation that takes place to determine your income tax. I believe that you may have just missed a step when you made the computation yourself to double-check the number in your return.
For your situation, here is the formula (without using your actual numbers):
taxable income (Form 1040 line 15) x 0.22 = intermediate value
Then:
Intermediate value - $9894 = income tax (Form 1040 line 16)
For reference, here is a screenshot of the tax calculation table from the IRS:
Please respond if you have further questions.
First, take a look at the information on Form 1040 under line 16. Are any of the boxes checked for 8814, 4972, or another form? If so, those forms could be adding an additional tax owed.
If none of the additional boxes are checked, it would help us to explain the situation to you in more details if you were willing to provide a diagnostic copy of your tax file. The diagnostic file will not contain personally identifiable information, only numbers related to your tax forms.
If you would like to provide us with the diagnostic file, follow the instructions below and post the token number along with which version of TurboTax you are using (Windows or Mac or Online; Deluxe, Premium, etc.) and what states you are filing in a follow-up thread.
If you are using a CD/downloaded version of TurboTax, use these steps:
Use these steps if you are using TurboTax Online:
I can certainly do that, but I should have mentioned that the discrepancy is $9k LESS in taxes than the tax tables I mentioned. None of the forms you mentioned are checked off, just the worksheet that does behind the scenes calcs that I cannot access. I will send this diagnostic file to you later today. Thanks!!
token #111173485-66346167
Thank you in advance!
which version of TurboTax you are using (Windows or Mac or Online; Deluxe, Premium, etc.) and what states you are filing
Windows, Home & Business, MA
Thank you for providing the token number of your file. After taking a closer look at the diagnostic file of your return, the income tax amount shown on line 16 of Form 1040 is accurate.
Because your taxable income is greater than the limit for using the actual tax tables, there is a computation that takes place to determine your income tax. I believe that you may have just missed a step when you made the computation yourself to double-check the number in your return.
For your situation, here is the formula (without using your actual numbers):
taxable income (Form 1040 line 15) x 0.22 = intermediate value
Then:
Intermediate value - $9894 = income tax (Form 1040 line 16)
For reference, here is a screenshot of the tax calculation table from the IRS:
Please respond if you have further questions.
Thank you @AnnetteB6 and OMGGGGGGGGGGGGGGGG, my profuse apologies for not FULLY reading ACROSS the Section B table!!! I would have saved you a ton of time had I simply done so! Thank you so much for your assistance!!!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Ron-D
New Member
wardlow3311
Level 2
KID92
Level 1
adamkwitkop
Level 1
mlpinvestor
Level 3