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Level 2

Solved

Issue with calculated taxes

Forum|Forum|4 years ago
January 22, 2022
2 replies
0 views

My calculated tax is saying I owe $2500 for 2021 with $47,000, however I am filing married jointly and should be calculating based on my gross minus my standard deduction, right? So I should only owe around $300, right? I have my wife's freelancing income listed, but she only made $500 during the year, and I don't think 14% of $500 is making the difference. I'm not super savvy with taxes, but when I put everything into H&R Block's software, it says things differently.

TurboTax Premier Online

Best answer by ThomasM125

You would take the $47,000 minus a standard deduction of $25,100 that would leave taxable income of $21,900. $19,900 of that would be taxed at 10% and the balance would be taxed at 12%, so your tax on the $47,000 of income would be $2,230. The $500 should be taxed at about 20% so that would be an additional $100 or so. There might be other things on the return that would make up the difference.

You can view your form 1040 while working in the online version of TurboTax by following these steps, you might find this helpful:

While working on your return in the Federal section of TurboTax:

1. Choose the Tax Tools icon on your left menu bar

2. Tools

3. View Tax Summary

4. Choose the Preview my 1040 on your left menu bar

ThomasM125Answer

Level 15

You would take the $47,000 minus a standard deduction of $25,100 that would leave taxable income of $21,900. $19,900 of that would be taxed at 10% and the balance would be taxed at 12%, so your tax on the $47,000 of income would be $2,230. The $500 should be taxed at about 20% so that would be an additional $100 or so. There might be other things on the return that would make up the difference.

You can view your form 1040 while working in the online version of TurboTax by following these steps, you might find this helpful:

While working on your return in the Federal section of TurboTax:

1. Choose the Tax Tools icon on your left menu bar

2. Tools

3. View Tax Summary

4. Choose the Preview my 1040 on your left menu bar

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Level 15

if that $47,000 was w-2 income then you made have erred in entering the federal withholding.

or maybe you didn't enter any estimated tax payments made

based on the tax tables with about $22,400 in taxable income they call for a joint return tax of about $2,300 + about $70 or so in SE tax.

a $00 tax would imply taxable income of only $3,000

bravemontAuthor

Level 2

I forgot to mention we have a dependent, so I put $2000 on line 3