My taxable income of $27,700-married filing joint. paid in $353., IRS Tax Table says I owe $2946. Turbo tax I get refund of 353. why?

klmayer1 · ‎June 1, 2019

macuser_22 · ‎June 1, 2019

There are 7 ways to calculate tax - tax table is one.

Capital gains do not use the tax tables, you probably have dividends or other capital gains.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

View solution in original post

Bsch4477 · ‎June 1, 2019

Do you have credits for a child or earned income credit?

user99357 · ‎June 1, 2019

no

user99357 · ‎June 1, 2019

Are dividends taxes differently?

macuser_22 · ‎June 1, 2019

Qualified dividends are taxed at capital gains rate. On the Capital gains and Qualified Dividends worksheet.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

user99357 · ‎June 1, 2019

No answer needed, dividends and capital gains are taxed differently at our tax level.
Thank you for your help.

macuser_22 · ‎June 1, 2019

There are 7 ways to calculate tax - tax table is one.

Capital gains do not use the tax tables, you probably have dividends or other capital gains.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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My taxable income of $27,700-married filing joint. paid in $353., IRS Tax Table says I owe $2946. Turbo tax I get refund of 353. why?