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Dantra
Level 1

TT calculated tax appears very wrong - how can I fix it?

My filing status is MFJ. Turbo tax is reporting taxable income of  ~$62000 but tax (12a and 12b) is calculated as 933.  The tax table for 62000 MFJ is 7055. When I print the forms, I don't see anything that can account for this discrepancy.

 

When I review  the details on why I'm getting the refund, the report refers to a Blended Tax Rate of 1.5%; however, it does not indicate how this rate was calculated.  I reported W2 earnings, Dividends, capital gains, and self employment income that total ~62000 after the standard deduction.  What part of the filing shows why 1.5% is used?

3 Replies
Anonymous
Not applicable

TT calculated tax appears very wrong - how can I fix it?

did you have substantial qualified diviends (line 3) and or long term capital gains (schedule D line 15)?

there are special rates for this kind of income as low as 0% 

we can't see your return  but look for capital gain/qualifying dividend worksheet. 

if not consult support. 

 

 

 

Anonymous
Not applicable

TT calculated tax appears very wrong - how can I fix it?

 
Dantra
Level 1

TT calculated tax appears very wrong - how can I fix it?

Yes, I did and when I printed out the associated worksheets, I can see how they impacted the total tax.

Thanks.

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