Straightforward question. Product: Downloaded TurboTax Premier Windows software available on 11/6/19. Issue: Two items raised a concern about whether the tax tables in this initial product release are accurate: 1) Running through a scenario, the Tax History Report indicates a Taxable Income Amount of $320,545. According to IRS tables, this is just under the threshold for the 24% tax bracket for Married Filing Joint Return (threshold = $321,450). However, the Tax History Report indicates the tax bracket is 32%. 2) Under the Federal Taxes tab, the first screen is titled "Let's get your biggest possible refund." At the bottom of the screen, there is a link entitled "What's new about the income tax rates this year." When you click on the link it presents the 2018 and 2017 tax brackets, not the 2019 and 2018 brackets.
The second issue could just be a failure to update a link; if so, a simple error. However, the first issue is of concern (unless there is a use case in which having a taxable amount below a bracket threshold could in fact result in one being in the next higher bracket).
Any insight would be appreciated.
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The initial release of the TurboTax 2019 software will have many inconsistencies that will be corrected with several updates in the coming weeks. This occurs each tax year when the software is initially released in early November.
The IRS has yet to approve and make available many of the 2019 tax forms, schedules and instructions. Once the IRS has issued the 2019 forms and schedules, then TurboTax will provide updates to the software.
When are the IRS tax table updates planned to be released for Turbotax 2019??
Here is a link to the 2019 Tax Table for TurboTax. If you are using the 2019 online version of TurboTax, the program is using the 2019 tax tables.
If you are using a desktop version you may need to do an update to the program.
Downloaded TurboTax Premier. Completed taxes. Noted that tax on Form 1040 Line 12.a did not match tax based on Federal Tax table from IRS using number calculated on Form 1040 Line 11.b. Is this a true error?
@LKYRetired wrote:
Downloaded TurboTax Premier. Completed taxes. Noted that tax on Form 1040 Line 12.a did not match tax based on Federal Tax table from IRS using number calculated on Form 1040 Line 11.b. Is this a true error?
Did you enter any qualified dividends or capital gains on the tax return? If so, your taxes are not calculated using the tax tables but the Qualified Dividends and Capital Gains Worksheet - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=33
Yes, I did enter qualified dividends or capital gains on the sheet. After looking around, I think I came across that as well. When I started to look through the forms looking for that number, I found where that worksheet had a "X" by it and not the tax table. Your direction to the worksheet confirmed I was not crazy. Thank you. Something I did not have to deal with in the past.
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