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Turbo Tax does not appear to calculate taxes correctly

Turbo tax calculated my taxable income, but says I don't owe taxes.  According to the tax tables, I do.  Why?  Which is correct?

 

 

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Accepted Solutions

Turbo Tax does not appear to calculate taxes correctly

If you reported Qualified Dividends or Capital Gains on your tax return, the tax tables are not used.

The Qualified Dividends and Capitals Gains Tax Worksheet is used instead - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#pag=37

 

Or the Schedule D Tax Worksheet - https://www.irs.gov/pub/irs-pdf/i1040sd.pdf#page=16

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1 Reply

Turbo Tax does not appear to calculate taxes correctly

If you reported Qualified Dividends or Capital Gains on your tax return, the tax tables are not used.

The Qualified Dividends and Capitals Gains Tax Worksheet is used instead - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#pag=37

 

Or the Schedule D Tax Worksheet - https://www.irs.gov/pub/irs-pdf/i1040sd.pdf#page=16

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