My taxable income is showing at $33,762 and I'm filing married joint.
Based on tax table, up to $23,850, I should owe $2385 in tax @10% and the balance of $9912.00 at 12% would be $1189.44 for a total of $3574.44 but TT is showing I owe $4353 in tax. Why the difference?
This is coming to over 12% in tax for the entire amount. Can anybody tell me why?
What is your taxable income on the Form 1040 Line 15?
Did you report any capital gains or qualified dividend income on your tax return?
line 15 is showing $33762.
My qualified dividend income was $10k, but way under taxable amount.
Your taxes would be calculated using the Qualified Dividends and Capital Gains Tax Worksheet, not the tax tables.
Go to IRS Form 1040 Instructions page 38 for the worksheet - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=38
If you are using the TurboTax desktop editions, click on Forms. The worksheet should be shown on the left side of the screen. Click to open