IF i have an agi of 220,079, how is Turbo Tax calculating a tax due of $41,168 when the Married Filing joint rate is 24%. Per my calcs, tax should be $52,818

[DoninGA]

Did you enter any qualified dividends or capital gains on the tax return?  If so then your taxes are calculated using he Qualified Dividends and Capital Gains Worksheet and not the tax tables.

IRS website for Form 1040 Instructions and the worksheet on page 33 - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=33

[mark1645]

No, I did not.  I only had pension distributions and wages.  Isn't the tax rate a flat rate of 24% for married filing joint in 2019?

[olsencatz]

Two items:  #1 - apply your deductions ($24,000 standard, or more if your itemized deductions are greater). This gets your "taxable income".   #2 as an MFJ Filer, your first $19,400 of taxable income is taxed at 10%, the next $59,550 is taxed at 12%, the next $89,450 is taxed at 22%, and the remaining amount over $168,400 is taxed at 24%.  Your marginal rate is 24%, your average rate is something less.

[mark1645 · Accepted solution]

Thank you.  I understand.  Its not a flat rate.