My taxable income was 27,975.00 and line 44 shows my tax to be $2878.00 yet when I look at every tax table it shows a greater amount of taxes due....can you explain why
01365
1 Best answer
Marketstar
Level 7
Jun 3, 2019 11:47:01 AM
Yes, the tax due in the tax tables is calculated on ordinary income.
If some of your income is capital gains which is generally taxed at lower rates,
your tax due may be lower than the tax tables.
1 Replies
Marketstar
Level 7
Jun 3, 2019 11:47:01 AM
Yes, the tax due in the tax tables is calculated on ordinary income.
If some of your income is capital gains which is generally taxed at lower rates,
your tax due may be lower than the tax tables.