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Is turbotax slightly off using 2022 tax tables?

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?)

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1 Best answer

Accepted Solutions

Is turbotax slightly off using 2022 tax tables?

Thanks, I get it....IRS averages between the 50 spread and uses income of 35325 (vs. 35309) for the calculation.

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3 Replies

Is turbotax slightly off using 2022 tax tables?

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.

BillM223
Expert Alumni

Is turbotax slightly off using 2022 tax tables?

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.

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Is turbotax slightly off using 2022 tax tables?

Thanks, I get it....IRS averages between the 50 spread and uses income of 35325 (vs. 35309) for the calculation.

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