My tax liability is off by almost $2,000. I have income taxed at 10% and the rest at 12%. I should have to owe just over $4000, not just over $6000. No one has been able to give me a straight answer at turbotax.
Income is not all taxed at the same rate. If you are single, taxable income up to $11,600 is taxed at 10%, and the amount over $11,600 up to $47,150 is taxed at 12%.
See: What is My Tax Bracket? for more information on other filing statuses.
What types of income have you entered on the tax return? Wages, Self-Employment, Interest, Dividends, Capital Gains, etc.?
39848 taxable income. turbo tax is sayin my tax liability is 6215, when it should be 4318. I confirmed on IRS, Turbotax (not logged in), and several other sites that in fact 4318 if the correct amount of tax liability. when i do my taxes it show tax liability at 6125.
wages only
39848 taxable income. turbo tax is sayin my tax liability is 6215, when it should be 4318. I confirmed on IRS, Turbotax (not logged in), and several other sites that in fact 4318 if the correct amount of tax liability. when i do my taxes it show tax liability at 6125.
@Grahamzack If your only income is wages that would have reported on your 2024 Federal Tax Return Form 1040 on Line 1a. Then your Total Income on Form 1040 on Line 9 would be the same. And your Adjusted Gross Income on Line 11 would also be the same.
Please verify by looking at the Form 1040
Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.