turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Freezyman
New Member

$713 in Taxes on only $5566 Taxable Income?

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!

 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
Freezyman
New Member

$713 in Taxes on only $5566 Taxable Income?

Ooops, I missed a decimal point... I'd expect to pay $556.60 in taxes! (not 55.66).

$713 in Taxes on only $5566 Taxable Income?

what do you mean - "I owe" ?

What does she owe , should be the question

Freezyman
New Member

$713 in Taxes on only $5566 Taxable Income?

OK, semantics 🙂   I / her (I'm helping my daughter prep her taxes)... the point is, why is Quicken apparently miscalculating? 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies