Why does my 2018 turbo tax return shows tax for single person on $29,732 taxable income to be $2045 but 2018 1040 IRS tax table shows tax to be $3377?

Turbo Tax shows tax due on $29,732 taxable income is $2045 for 2018 but 2018 1040 tax table shows tax on $29,732 to be $3377. Why the big difference & which is correct so I can complete my return?

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1 Best answer

New Member

Jun 3, 2019 11:35:39 AM

Most likely, there is some type of credit on your return in the lines below your taxable income on the 1040. I have attached an image of the section of the 1040 where credits are deducted.

Also, is all your income wage income. Capital gain/investment income is not taxed the same as wage income.

New Member

Jun 3, 2019 11:35:39 AM

Most likely, there is some type of credit on your return in the lines below your taxable income on the 1040. I have attached an image of the section of the 1040 where credits are deducted.

Also, is all your income wage income. Capital gain/investment income is not taxed the same as wage income.

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Why does my 2018 turbo tax return shows tax for single person on $29,732 taxable income to be $2045 but 2018 1040 IRS tax table shows tax to be $3377?