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snids
Level 2
February 22, 2021
Question

Wrong Tax Calculation

  • February 22, 2021
  • 1 reply
  • 1 view

My taxable federal income is $39,866. I have no withholdings. TurboTax is calculating my tax owed as $8,841. This is very incorrect, and I cannot figure out why.

    1 reply

    DMarkM1
    DMarkM1
    Level 15
    February 22, 2021

    That is high.  You need to find where the taxes are coming from.  If you are using a desktop version go to the forms view in the top right hand of your page.  If you are using TurboTax online you want to get a form view using these steps.  

     

    Click "Tax Tools" in the left hand menu

    Click "Tools"

    Click "View Tax Summary"

    Click "Preview My 1040" in the left hand menu

     

    Start with Line 16 which is the tax on the line 15 amount.  Then check lines 17 and 23 for more potential taxes. 

     

    Once you have an idea of what the taxes actually are you may be able to find any potential errors. 

     

     

     

     

     

     

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
    S
    snidsAuthor
    Level 2
    February 23, 2021

    Thanks for your reply. I figured out the issue--it's related to my foreign earned income exclusion. The TT calculation is correct (unfortunately).

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