Federal tax owe more than actual amount

[tammy2020]

I am using Turbotax Delux software on Mac for filing my 2020 taxes. On Federal Review section, my taxable income is shown as $501,590 (after deductions and married filing jointly) and Federal tax owed is $127,816 which seems incorrect. When I calculate my numbers using the income brackets for the year 2020, it comes out to be different. Below is the calculation I used to calculate the tax -

$94,735 + ( 0.35 *  ( $501,590 - $414,700 ) ) = $125,146.50 

As you can see above the actual value is different compared to what turbo tax is showing. Not sure what am I missing. I did the same calculation on my last year return from the same screen and it came out to be right.

[KathrynG3]

There may be other factors affecting your tax balance due, such as:

• Alternative Minimum Tax
  • See What is the Alternative Minimum Tax (AMT) in 2020?
• Net Investment Income Tax
  • See: IRS: Questions and Answers on the Net Investment Income Tax

Check the line items on Form 1040, page 2, Line 16-23 for more explanation.

[tammy2020]

Thanks. After looking at 1040 form page-2 , found out that it was additional medicare tax was resulting in this owed tax difference.