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Level 2
posted Mar 8, 2024 6:31:11 PM

How is fed tax calculated

Does Turbotax Delux have a worksheet that shows how the fed tax on line 16 of F1040 is calculated? 

Is there a similar worksheet in the state products?

0 3 354
1 Best answer
Expert Alumni
Mar 8, 2024 6:52:00 PM

If you are using TurboTax Desktop, you can switch to Forms and look at 

1040/1040SR Wks

Scroll down to Tax Smart Worksheet 

 

Often the programs uses Tax Tables or 

Qualified Dividends and Capital Gain Tax Worksheet

 

 

Most states will tax on a certain percentage listed on the state return, but it depends on the state.

3 Replies
Expert Alumni
Mar 8, 2024 6:52:00 PM

If you are using TurboTax Desktop, you can switch to Forms and look at 

1040/1040SR Wks

Scroll down to Tax Smart Worksheet 

 

Often the programs uses Tax Tables or 

Qualified Dividends and Capital Gain Tax Worksheet

 

 

Most states will tax on a certain percentage listed on the state return, but it depends on the state.

Level 2
Mar 9, 2024 7:50:20 AM

Ok. I found the worksheet. Thank you.

Expert Alumni
Mar 9, 2024 8:27:04 AM

TurboTax does not have a Tax Computation Worksheet as a form or worksheet.

The calculation is done internally. 

 

You can see the Tax Computation Worksheet on page 77 of the IRS instructions for Form 1040.