How to report this bug and get it fixed asap? The highest marginal tax rate should 37%, so total tax liability should around 310000; not 499000. I have trusted TT calculation for the last 20 years.
You may have more than just income tax to consider. Take a look at your actual Form 1040, along with Form 1040 Schedule 2, to determine where the total tax amount was derived.
Form 1040 line 16 will show your income tax. There may be a separate form checked beside that line that will show that the tax was calculated in a manner other than using the tax tables.
If there is an amount shown on Form 1040 line 17, then there are additional taxes being imposed from Form 1040 Schedule 2. This could include Alternative Minimum Tax or others.
If you are using TurboTax desktop, click Forms at the top of your screen to be able to view the tax forms directly.
If you are using TurboTax Online, use the following steps to preview your Form 1040:
If you take a closer look and have further questions, feel free to ask again and someone will try to help.
The basic math does not even add up: tax liability of 499000 (about 48% if the total taxable income) is much higher than even the highest marginal rate of 37%, I don't even need to look anything else to say the calculation is totally wrong LOL
not defending TT after the horrible enhancements this year but tax calcs are usually solid - have you gone through the 1040 line by line to see the total impact of this gain e.g. investment income tax 3.8% in addition to the 37% tax rate, other deductions or exemptions that may have been phased out, penalties etc
You are correct, I am looking at TT desktop forms, saw minimum AMT amount of $200K. However, I sold stocks based on the capital loss amont from 21 to 22. They should almost offset to 0 or at most within $100K difference. so I don't understand why such high AMT amount, which as if I had no capital loss to offset from prior years (these were captial gains offset or ordinary income).