If your income is over 100,000, then use tax computation worksheet to calculate your tax. Why the tax amount in Turbo Tax is more than the one on IRS web site? I have the taxable income number from line 15 which is after the deduction. but if I am using the formula on IRS web site, it is much less then Turbo tax told me. something is not correct in the Turbo tax. Why?
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When I calcluate using the chart I get 23,982
Oh you are using the wrong line. You need to use the top line at 22%-8420
No one can see your tax return so there is no way to give you an answer if you do not give us the amount shown on Line 15 (taxable income) on the 2020 federal tax return Form 1040.
That's weird. Usually people ask why Turbo Tax is lower. It's because of qualified dividends and capital gains. And you are comparing the tax on line 16? May I ask the amount on line 15 and your filing status? I can double check your numbers. Maybe you used the wrong IRS chart. There are several.
[number removed]50 income X0.22 )-8420
[number removed]00 income X0.24)-11841
[number removed]00 income X0.32) -37969.....etc
Should those formula being used by Turbo tax, too? why after the math, it will be different?
Sorry your taxable income got filtered out. What is the Amount on line 15? Are you married? Why did you post 3 different calculation lines? You only use one line to calculate the tax.
I use married filling jointly, all the formula should be the same.
@2020Zoe wrote:
I use married filling jointly, all the formula should be the same.
No the formulas are not the same. It depends on your filing status.
Again, what is the amount entered on your Form 1040 Line 15?
married and filing joinly
total income 147284
147284x0.24-11841=23507.16
Turbo tax told me my tax is 23982
When I calcluate using the chart I get 23,982
Oh you are using the wrong line. You need to use the top line at 22%-8420
interesting, I will have to pay more tax using lower tax rate.
Thank you for your time!
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