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Why is Turbotax tax calculation different than mine. My taxable income is $291,174 X 24% less $13,200 = $56,681. Turbotax calculation is $57,345. Why the difference?

 
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3 Replies
JamesG1
Expert Alumni

Why is Turbotax tax calculation different than mine. My taxable income is $291,174 X 24% less $13,200 = $56,681. Turbotax calculation is $57,345. Why the difference?

Does your tax return contain IRS form 8960 Net Investment Income Tax?

 

Net Investment Income Tax can apply to modified adjust gross incomes that exceed a threshold amount:

 

  • Married Filing Jointly or Qualifying Widow(er) is $250,000.
  • Married Filing Separately is $125,000.
  • Single or Head of Household is $200,000.

 

 

 

 

 

 

 

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Why is Turbotax tax calculation different than mine. My taxable income is $291,174 X 24% less $13,200 = $56,681. Turbotax calculation is $57,345. Why the difference?

Thank you. My return does not contain a form 8960. I went back and calculated my 2022 return and it matched. My tax situation is similar to last year.

JamesG1
Expert Alumni

Why is Turbotax tax calculation different than mine. My taxable income is $291,174 X 24% less $13,200 = $56,681. Turbotax calculation is $57,345. Why the difference?

There are other items that could reflect a difference in the tax reported.

 

  1. Is self-employment tax reported on Schedule SE?  
  2. Is there an additional tax related to IRA's and tax-favored accounts reported on IRS Schedule 5329?  
  3. Are you reporting Household employment taxes on Schedule H?  
  4. Is Additional Medicare Tax reported on IRS 8959?

 

 

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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