I've input all of the required data into TTax, and the computed tax is less than the amount in the IRS 2020 tax tables on the same taxable income in the single filer 12% bracket. Where do I look next?
IF you have any
1) qualified dividends......... box 1b on a 1099-DIV
2) ..Cap gain Mutual Fund distributions.........box 2a on a 1099-DIV
or
3) Long Term gains from stocks or other securities sold during the year ...forms 1099-B/8949
Then those $$ are taxed at lower rates than in the tax tables, and special calculation worksheets are used.
TurboTax calculations are backed by our 100% Accurate Calculation Guarantee. In plain English, if you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.
It’s not possible to explain the difference without knowing the specifics of your situation.
A tax expert can review your return. See How do I schedule my review using TurboTax Live?