So, Turbo Tax says my daughters taxable income is $5566 and I owe $713 in taxes = 12.8% tax rate.
Best I can tell, the tax rate for this low of income is 10% so I'd expect to pay $55.66 in taxes but Turbo Tax says I owe $713? What's up with this? Some of this income came from regular income, some came from Short Term stock gains & 1099 Dividends but all that is all lumped into regular income as far as I know so that shouldn't account for the apparently too high tax rate? Thanks for help before I file!
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Ooops, I missed a decimal point... I'd expect to pay $556.60 in taxes! (not 55.66).
what do you mean - "I owe" ?
What does she owe , should be the question
OK, semantics 🙂 I / her (I'm helping my daughter prep her taxes)... the point is, why is Quicken apparently miscalculating?
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