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gene4318
New Member

Taxable income= $72,821, married filing jointly, both over 80 years old. Turbotax calculation = $8,112 total tax, Form1040 tax table= $8,358 tax. Why the difference?

 
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SweetieJean
Level 15

Taxable income= $72,821, married filing jointly, both over 80 years old. Turbotax calculation = $8,112 total tax, Form1040 tax table= $8,358 tax. Why the difference?

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3 Replies
Texas Roger
Level 15

Taxable income= $72,821, married filing jointly, both over 80 years old. Turbotax calculation = $8,112 total tax, Form1040 tax table= $8,358 tax. Why the difference?

If you had qualified dividends and/or long term capital gains from the sale of an investment, you can't use the tax tables because that kind of income is taxed at lower rates than ordinary income. The tax tables assume all the income is ordinary income.
gene4318
New Member

Taxable income= $72,821, married filing jointly, both over 80 years old. Turbotax calculation = $8,112 total tax, Form1040 tax table= $8,358 tax. Why the difference?

Thanks! Now it makes sense - to me.
SweetieJean
Level 15

Taxable income= $72,821, married filing jointly, both over 80 years old. Turbotax calculation = $8,112 total tax, Form1040 tax table= $8,358 tax. Why the difference?

Solved in comments.

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