Turbo Tax premier desktop Windows --Tax Calculation vs Tax Tables

[BuddyonTT2]

I have used TT for decades but this year It gives me a calculated Tax I cannot believe.

I do have a complex tax return with multiple Schedule E's and 1031 Exchange and a 1033 Exchange and new to me this year a LLC K-1 to report, but...

I looking back to 2019 and 2020 I could always come close to using TT's Taxable income figure and the old fashion Tax tables to concur on the tax owed to the IRS.

This year the TT calculated Tax is only about 33% or what the Tax tables say for the TT calculated Taxable income?    How can this be? Anyone else ever had this experience?

I have been on the phone with TT customer Support and they say just believe the TT calculation.

[TiredRetired]

The items such as the 1030 and 1033 exchange, have some portions not being tax at all, plus you did not say what type of income is on the K-1. I would print out the pages of the retrurn and go back over every item to double check it that the amounts are correct and included in the correct places.

[BuddyonTT2]

My Bad!!  My Wife had some Long Term Capital Gains this year for a change and I forgot that their tax rate is different.  TT is CORRECT!  I was in error!!

Cheers,

Buddy

[BuddyonTT2]

Thanks,

You are spot on.

I had overlooked the LTCG rates being different.