I have a really simple tax return, with one W-2 and using the standard deduction, and Turbotax seems to be rounding up the tax I owe by $4.
The total amount of refund I should get is $148 according to my calculation, but according to Turbotax calculation it is $144. I know we round numbers with IRS, but $4 difference seems too large to be from rounding.
Is this going to be okay? If IRS realize this, are they just going to send me the additional refund later?
1. Do you have any capital gains or qualified dividends? These do not use the Tax Tables.
2. On line 16 (1040), are any of the boxes checked?
3. What are the amounts on lines 15 and 16?
Thank you so much for your reply!
It's
1. No
2. No
3.
Line 15: 12350
Line 16: 1280
So basically, with taxable income of $12350, the total tax should be $1276.5, (single filer) but Turbotax is calculating it to be $1280. Even if I round up it's still $1277 with $3 difference.
Am I the one calculating it wrong?
Based on your information provided, I calculate $1,276.50 as your tax due as well, it's hard to be definitive without actually reviewing your tax return. The IRS will actually send you the additional refund.
Thank you for confirming my calculation!
Is it okay to just file the tax as is, and wait for the additional refund from IRS? Is there going to be any penalties?