Tax Tables

Forum|Forum|3 years ago
January 17, 2023
2 replies
36 views

Are there IRS Tax Tables for taxable income above $100,000? If not, how is the tax determined?

VolvoGirl

Level 15

It depends on what kind of income you have. There are like 7 different ways to figure the tax.

See the IRS worksheet on 1040 page 36 for how the tax is figured. Turbo Tax uses the same worksheet.

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

If you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return.

In the online version you need to save your return as a pdf file and include all worksheets to see it.

For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.

You can probably tell because the tax on 1040 will be less than the Tax Table

https://ttlc.intuit.com/community/forms/help/form-1040-line-11-amount-is-less-than-standard-irs-tax-table/00/25752

If you don't have any capital gains or special income you can try using the tax table. If you have over $100,000 you need to use a worksheet.

https://www.irs.gov/pub/irs-pdf/i1040tt.pdf

DoninGA

Level 15

Yes, there is a Tax Computation Worksheet taxable income of $100,000 or more in the IRS Form 1040 Instructions on page https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=75