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I imported data from my broker. Interest and dividend sections are fine. When i try to go into the 'stocks, mutual funds, bonds, other' section turbotax hangs.
Did anything get imported for your stocks, bonds and mutual funds? I know the import feature works as my stock transactions were imported.
It could be a problem with your brokerage. Does TurboTax work if you type the info manually?
It looks like the data is there. The Schedule D looks ok. It looks like there were 484 stock sales - don't know if that has anything to do with the problem. I can only see the data in the forms view. Trying to look at it in the step by step view hangs the program.
1040/104SR WKs there is a Deferral for Certain Schedule H or SE Filers Worksheet. On line 10 the value calculated is negative because I overpaid. Then line 11 calculated value is 0. But it gives me an error (Value entered is too high). So it's flagged and in red.
There is no error of course, so the zero value should be accepted.
If it is not allowing you to proceed entering $0, try leaving it blank.
If you need further assistance, please reach out to us.
The dates defining the starting and ending days for the first two tax quarters make no sense and are inconsistent with official IRS dates. I think the first 7/15/2020 shown below should be 4/15/2020, and first 7/16/2020 should be 4/16/2020.
@ SandCastle wrote:The dates defining the starting and ending days for the first two tax quarters make no sense and are inconsistent with official IRS dates. I think the first 7/15/2020 shown below should be 4/15/2020, and first 7/16/2020 should be 4/16/2020.
EDITED 2/21/20 2:25 PM Pacific
Most federal tax filing and payment deadlines from April 1, 2020, to July 14, 2020, were postponed to July 15, 2020, due to the Covid pandemic. I would suspect that is why TurboTax has those odd dates showing, but I'm only a fellow user, not a tax expert. I agree that the first 7/16, however, is likely a typo.
But what are you doing on that screen???? I don't know what topic you were entering that led to it. I can see you are in Other Tax Situations, but that section has many topics. That screen is not common. Depending on how you got to it, that screen may be for withholding in unusual tax situations that was not already reported. Do you have an unusual situation and are indeed reporting withholding which you could not report in another topic? That is NOT the screen to enter Federal estimated quarterly tax payments made in 2020, if applicable if you are wanting to report estimated payments. In fact, it says specifically on that screen NOT to enter estimated payments there. So I assume you must either have some unusual withholding situation, or another unusual tax situation, or are you preparing estimates for next year? Without any context we don't know how you arrived at that isolated screen and what topic it is in.
If you need to get to the estimated quarterly tax payments screen to report 2020 estimated tax payments made, we can tell you how to report them. Otherwise, in order to know what you're doing with that particular screen, you need to explain exactly what topic that screen in your image is from.
Stimulus checks that were not received. The credit does not appear to be calcuting correctly. I was suppose to receive a check for $733 and the credit is for $425. Now here does it ask you for the missing check amount or the year it was based on.
My taxable income is $70,730, Married filed jointly
Turbo tax calculates my tax to be $6,836. My calculation using IRS tax bracket is $8,092. What is the reason?
@SandCastle I revised my original answer above a bit since it's not known what topic you are entering in the Other Tax Situations section that led you to that screen. There are many topics in the Other Tax Situations section, and we don't know for sure what topic that screen is from and why you are making entries there.
You were likely emailed the original answer, so please return to the community forum to see the updated info.
@bchan2805 wrote:My taxable income is $70,730, Married filed jointly
Turbo tax calculates my tax to be $6,836. My calculation using IRS tax bracket is $8,092. What is the reason?
TurboTax does not always use just the Tax Tables. TurboTax uses the method required for your specific situation. There are several ways that the tax may have to be calculated, depending on the items in your return.
One of the most common reasons for this is if you have any qualified dividends or capital gains. In that case, TurboTax has to use the "Qualified Dividends and Capital Gain Tax Worksheet" to figure the tax. That would provide you a lower tax amount since qualified dividends and capital gains have a more favorable tax treatment.
We can tell you how to look in your product to see what method TurboTax used to calculate your tax amount. Are you using the Online TurboTax product, or are you using desktop software (CD/download)?
@BobWattsi wrote:Stimulus checks that were not received. The credit does not appear to be calcuting correctly. I was suppose to receive a check for $733 and the credit is for $425. Now here does it ask you for the missing check amount or the year it was based on.
You'd likely be better off starting your own new thread on a stimulus check issue. This is a long cluttered thread with multiple users and multiple issues. You're less likely to get help with a stimulus issue in this thread.
If you do start a new thread, also keep an eye on this one in case someone responds here, too.
To start your own new thread, you can use the link below and click the blue button "Ask a Question."
I have found a legitimate calculation error. It is reported on this set of discussions in the community. How do we get this fixed in the software?
@69VanNuys wrote:
I have found a legitimate calculation error. It is reported on this set of discussions in the community. How do we get this fixed in the software?
No error - see your other post.
I am working on my 2020 taxes and have discovered the Qualified Dividends and Capital Gains Tax worksheet does not compute the proper tax for either line 22 nor line 24. We are married filing jointly.
Line 22 calculates a tax on $301,272 as $60,464 where the proper computation is $68,885. The formula to be used should be 37,631+.24*(income-$171,050) which for $301,272 computes as $68,885. The base amount TurboTax used to get the wrong number would be an income of $266,187.50 rather than the actual $301,272.
The same problem is on line 24. The amount Turbo Tax computed should be on the income amount of $398,702 giving tax of $101,457 instead of the incorrect computation of $89,616 which would be for a income level of $361,702. What do I do to have this corrected, either my calculations or TurboTax
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