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TurboTax calculated Line 16 (Form 1040) wrong

Line 15 shows $81,620 but Line 16 (Tax) shows $13,563 which isnt what the 2021 1040 IRS Tax Tables shows. For filing SINGLE, it should be $13,706. 

 

I had no capital gains, but did recognize capital losses via some sold stocks. 

I also did have some ordinary and qualified dividends. I had linked my Vanguard account to my tax forms. 

 

And so, based on the fact pattern above, why the discrepancy in what was reported in line 16? Or is the dividends (qualified/ordinary) making it so if I just compare line 15 to tax tables, it wont line up because it shouldndt in my case?

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1 Reply
ThomasM125
Expert Alumni

TurboTax calculated Line 16 (Form 1040) wrong

The tax rate on qualified dividends would be 15% at your income level, which is lower than your marginal federal tax rate of 22%. So, your tax will be less than what is in the tax table.

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