Turbotax desktop software is showing higher federal taxes than estimates from turbotax or other online sites. How do I get help?
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Please clarify, are you saying the estimates it suggests you make or the estimates you made?
When I use an online estimator, the total federal taxes owed is about 5K lower than what Turbotax desktop software is asking me to pay.
unless you enter exactly the same info in the other sites, then the tax calculation can vary substantially. Turbotax desktop and Online should produce exactly the same results if exactly the same info is entered in both. be wary of online because it will net taxes owed with taxes to be refunded if other than just the federal return is involved.
Thanks. That explains it I think. I thought if I entered the total wages the federal tax estimate would be close to what Turbotax desktop would compute.
Another related question. My effective tax rate for 2022 is lower than 2023 for a similar income. I thought due to inflation adjustment the rate would be lower in 2023. is that not the case?
It is impossible to say without seeing what made up your income for 2023 and 2022. Capital gains are taxed at a different rate and what credits you qualified for in each year can differ. Your best bet is to put the two returns next to each other and go line by line to find the differences.
Thanks I figured it out. Wasn’t accounting for the extra Medicare tax. Thank you all for your help.
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