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dsmckee
New Member

What is the Tax Liability of a Taxable Income of $206,476? I calculate $47,460 but TurboTax is currently calculating $47,891.

This is for 2019 and a Single filer.

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2 Replies
ThomasM125
Expert Alumni

What is the Tax Liability of a Taxable Income of $206,476? I calculate $47,460 but TurboTax is currently calculating $47,891.

It is not possible to give you an accurate answer regarding your income tax by you providing simply your taxable income.

 

It may be that you are subject to certain taxes or benefits that affect your income tax that are not taken into consideration by the tax tables or tax rate schedules.

 

For instance, you may have capital gain income that is taxed at a lower rate that ordinary tax rates. Also, you may be subject to an investment tax or alternative minimum tax that would not be reflected in the tax tables or tax rate schedules.

 

When you complete your tax return, there will be a "Schedule D tax worksheet" or maybe "Foreign tax Credit Comp Wks" or some similar worksheet that will provide detail on how your tax was calculated in TurboTax if it was not done simply by using the tax rate schedules.

 

 

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dmertz
Level 15

What is the Tax Liability of a Taxable Income of $206,476? I calculate $47,460 but TurboTax is currently calculating $47,891.

There is some side effect that is increasing your tax liability, possibly present on Schedule 2 but it could also be an underpayment penalty that is being included in your balance due.  TurboTax indeed calculates an income tax liability of $47,460, so the additional tax of $431 must be some other tax or penalty.

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