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29earl77
New Member

What action do I take if the 'tax due' calculated by Turbo Tax is not correct as calculated?

Tax Liability, using 19.2% rate applied to taxable income, should be less than that calculated by Turbo Tax
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2 Replies

What action do I take if the 'tax due' calculated by Turbo Tax is not correct as calculated?

What line don't you agree with?  The tax on line 16 can use several different methods to calculate.  You can't just go by a tax rate.  Usually Turbo Tax is less than the IRS Tax Tables.  

 

It depends what kind of income you have. Even though the full amount shows up in the total income on the 1040 line 7, 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 the worksheets to see it.

rjs
Level 15
Level 15

What action do I take if the 'tax due' calculated by Turbo Tax is not correct as calculated?

There is no 19.2% tax rate. Where did you get that figure? And your income is not all taxed at the same rate, either because it spans more than one tax bracket, or because different types of income are taxed at different rates.

 

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