Turbotax calculates a $740 tax liability on what it says is about $2300 of income.
I had Social Security, a pension, interests, dividends and had capital losses. The $2300 did not include the Social Security. Including it, I would have had about $28k.
I think the $2300 was my Taxable Income (line 11b). I'm not sure why it hasn't shown me the AGI. That was confusing.
The tax tables say the tax on either $2300 or $28000 is bout 10%. But 740 is either 2.5% of the larger number or 30% of the AGI.
After digging it said I got too much of a tax credit for my Medicare. Somehow my brain broke down here after going through all this.
Anyone care to explain this to a tax-impaired person who may have lost more brain cells than he cares to admit?
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It seems there is an error while entering information. Without seeing your tax return it's hard to tell. You have two options:
1) Print or create a pdf of your entire tax return and go over each line to see if something sticks out. Doing a two-year comparison also helps.
2) Create a diagnostic copy of your return (it's a sanitized version with no sensitive information in it), and we can take a look for you. Here is how you create the diagnostic copy token.
For TurboTax Online:
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