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@TaxError2020 The correct tax is $9,645.
See the IRS for 1040 instructions page 72 (Tax Table).
And page 31.
For income under $100,000 calculating the tax is not an option - the tax table MUST be used. TurboTax follows the regulations.
Quote:
Tax Table or Tax Computation
Worksheet. If your taxable income is
less than $100,000, you must use the
Tax Table, later in these instructions, to
figure your tax.
https://www.irs.gov/pub/irs-pdf/i1040pr.pdf
Thank you for your prompt response. I found the official tax tables and the tax is listed as $9,645.
Wow! I don't remember using the tax tables if you make under $100,000 has being a requirement before. I have always calculated my taxes using the tax bracket calculation formula. Too bad you have to make $100,000 or more taxable income, not to under or over pay taxes on your income.
@TaxError2020 wrote:
Wow! I don't remember using the tax tables if you make under $100,000 has being a requirement before. I
The 2019 requirement was the same.
The "Cares Act" permits you to take a $300 deduction for a charitable contribution even if you take the standard deduction. So far, TurboTax Premier hasn't factored this into the program. A software update is needed to fix this error.
It's in the program. If you take the Standard Deduction you can also deduct up to $300 Charity on 1040 line 10b. Go though the deduction section and enter your charity amounts. Then keep going and finish that section. It should say the Standard Deduction is right for you. Then it will add the amount to line 10b.
Are you using the Online version or the Desktop program? You may need to update the Desktop program.
Thank you. Since I didn't use "step-by-step", it didn't transfer it to line 10b. Thanks a BUNCH!
I got error message: Form TC-40A: My529 credit should not be more than $200 per qualified beneficiary. But the maximum allowable contribution amount was increased from $4000 to $4080 in 2020, so the credit was also increased to $204.
Here is the link of My529:
All information imported to turbotax correctly. Unable to fix these perceived errors.
Error 1: The form identifies $0. The software doesn't allow me to change the entry.
1099 errorError 2. No entry on imported form.
1098 error - 03/2020 re-fiError 3. No entry on imported form.
1098 error - 11/2020 re-fi
My wife and I both have HSA accounts. We both turned 65 in 2020. Our W2's both have the correct amount we each contributed to our on HSA. The program keeps putting the sum of mine and her contributions into Her HSA amount. Mine shows 0 and it should be the amount off the W2. Hers shows both mine and hers added together. This makes her contributions be to high and taxable. I don't have any 1099-SA as I didn't withdraw any. She has some withdrawn in 2020 and has a 1099-SA. Yet it keeps showing her as getting both of ours. This is a bug, and it will not let me correct the amounts.
@BassAllTime wrote:My wife and I both have HSA accounts. We both turned 65 in 2020. Our W2's both have the correct amount we each contributed to our on HSA. The program keeps putting the sum of mine and her contributions into Her HSA amount. Mine shows 0 and it should be the amount off the W2. Hers shows both mine and hers added together. This makes her contributions be to high and taxable. I don't have any 1099-SA as I didn't withdraw any. She has some withdrawn in 2020 and has a 1099-SA. Yet it keeps showing her as getting both of ours. This is a bug, and it will not let me correct the amounts.
I'm a fellow user and community forum helper. I am NOT a tax expert, so I can't address your issue directly. I'm going to try to summon one of the TurboTax EA experts who is knowledgeable about HSA's. But I'm not sure when he will be back in the forum. Helpers come and go during the day.
@BillM223 Are you please able to assist this user with an HSA problem when you are next in the forum?
THANKS!
Thanks, let me look at it.
Give me just a sec.
The first thing that comes to mind is that you have accidentally marked both W-2s as belonging to your spouse. TurboTax doesn't go by the name or SSN, but by the check box that is very early on the screen for the W-2 - it is very easy to overlook. If your spouse is the primary taxpayer, the selection will default to her, so if you overlook it, well, then she gets all the HSA money...
Don't worry about the 1099-SA, because this is a record of distributions, not contributions.
In fact, I am so convinced that the two W-2s are assigned to the same person, that I want you to check that before I go looking at anything else.
When you reply, please add @ BillM233 (without the blank in between, like @mesquitebean did.
I received a call from a cx stating that her CA state tax form 1120 S keeps jumping up by 2,000, wanted to know if there is a bug and if so how do we fix it
My HI State estimated tax payments for 2020 was based on my 2019 tax liability less credits. My 2019 taxes were imported into the 2020 tax program. The 2020 turbotax program calculates a late payment penalty based on my 2019 tax liability without consideration of the credits. So it erroneously says that I have HI State late payment penalties.
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