Total income of 136,637, married filing jointly. Taxable income of 111,837 after the 24,800 standard deduction. I am calculating a total of 16,184 tax liability, and after applying tax withheld of 13,935, I am getting 2,249 owed. TurboTax says I only owe 2,183. Besides normal wages, I have $135 of qualified/ordinary dividends, and that's it. I've manually calculated the correct amount of 16,184 using the IRS tax tables, a 3rd party site, and the tax computation worksheet.
What am I missing?
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Don't compare the refund or tax due. Compare the tax on line 16. It depends on what kind of income you have, if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return. In the online version you need to save your return as a pdf file and include all worksheets to see it.
For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.
You can probably tell because the tax on 1040 will be less than the Tax Table
$16184 is only correct if ALL the income is ordinary income and there are no tax credits.
did you calculate the qualified dividends at a 15% tax rate? it does not appear so.
do you have any tax credits for anything?
is there anything on Line 30?
Don't compare the refund or tax due. Compare the tax on line 16. It depends on what kind of income you have, if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return. In the online version you need to save your return as a pdf file and include all worksheets to see it.
For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.
You can probably tell because the tax on 1040 will be less than the Tax Table
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