on my “Qualified Dividend and Cap Gain Tax Worksheet”, line 5 (ord inc) is 35309.
From 2022 tax tables tax on ord inc should be 4032 = 1027.5 + 12% (35309-10275).
But line 22 of the worksheet shows 4034 ? Only 2 difference, but why? computation should be 4031.58, rounds to 4032, not 4034.
- the Tax Smart Worksheet has line 4 checked (Qual Div & Cap Gain Tax Worksheet)
- there does not seem to be any way to see how turbotax is actually computing (tables imbedded?)
That's right, when you are supposed to use the tax tables, you go by the numbers in the tax tables, and yes, they are in there somewhere! That's not the kind of error that TurboTax is likely to make.
I am confused. "4032 = 1027.5 + 12% (35309-10275)." Where is this coming from?
The tax in the Tax Tables for $35,309 is $4,034 for Single or Married filing Separately.