Why is the tax subtraction for my tax liability wrong?

[BigAl50]

By simple subtraction TurboTax has my tax liability wrong. It does not match the IRS tax calculation for Line 16.

[MonikaK1]

For your Federal income taxes, the tax rate brackets for 2022 are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. To see how the tax brackets apply to you for this year and for a tool to determine your marginal (the highest part of your income) tax rate, see here.

Also, note that taxes are often calculated using a different method than the tax tables. For example, if you have capital gains, the tax on those is calculated at the capital gain rate for your income level. If you are self-employed, you may have self-employment taxes in addition to income taxes.

You can preview your return before filing to review the forms that TurboTax has prepared from your entries and to find out how your taxes were calculated. See here for details. 

[VolvoGirl]

What do you mean subtraction?  What are you subtracting?   

[BigAl50]

Turbotax calculated my tax liability at $18,600, it shows that I paid $14,400 which is correct. But instead of owing $4,200 it is saying I owe $4,300. Simple math, what happened?

[VolvoGirl]

Check line 38.  You have a penalty for owing too much.

You might be able to eliminate it or at least reduce it.  You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you.  It's form 2210.

It's under

Federal or Personal (for Home & Business Desktop)

Other Tax Situations

Additional Tax Payments

Underpayment Penalties - Click the Start or update button

If you have the desktop program you can switch to Forms Mode (click forms in the upper right (left for Mac)) and open the 2210 form.  If the 2210 doesn't show up in the left column, click on Open Forms at the top of the left column.  Type 2210 in the search box and open the 2210 form.  Check box C to let the IRS calculate it.

[BigAl50]

Calculated tax is $18,600, payments were $14,400. Tax due should be $4,200 but it is saying $4,300.

[VolvoGirl]

Didn't my post above explain it?  You must have $100 on 1040 line 38.  It is added on to the tax due.  

[BigAl50]

Using Turbotax free edition, even using the tools, I can't see line 38 in form 1040.

But you are correct, there is a penalty.

[VolvoGirl]

Have you filed yet?  You should always review your return before you file.

Before filing you can preview the 1040 or print the whole return. 
https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

How to get or print a copy after filing
https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-get-a-copy-of-a-return-i-filed-thi...