Skip to main content
February 14, 2024
Solved

2023 Federal Tax Calculation Error?

  • February 14, 2024
  • 2 replies
  • 0 views

Married Filing Joint

Line 15 Taxable Income $293,364

Line 16 Tax  $56,983

 

When I manually calculate the tax it comes to $57,207 = (293,364-190,750)*.24+32,580

This should be a straightforward calculation.  Is there an error in the tax calculation?  I have confirmed all lines up to this point match what is expected.

    Best answer by JulieS

    Yes, if your tax on line 16 doesn't match the tax tables, you should look for a smart worksheet for that line. This will indicate whether an alternative calculation was used. 

     

    The image below shows the smart worksheet for a return where the Qualified Dividends and Capital Gain Tax Worksheet was used to calculate the tax. 

     

    You can preview this is TurboTax Online:

     

     

    1. Open your return.
    2. Select Tax Tools from the left-side menu, then Tools.
    3. Select View Tax Summary in the pop up box.
    4. Select Preview my 1040 from the left-side menu.
    5. You will see the Form 1040 with Schedules 1, 2 and 3.
    6. Check line 16.
    7. When you are done, select Back from the left-side menu. 
       

    If you are using TurboTax Desktop:

     

    1. Select the Forms icon toward the upper right corner.
    2. Highlight Form 1040 in the list on the left. 
    3. Find line 16. 

     

     

    2 replies

    CJ211Author
    February 14, 2024

    adding comment to say that the software was updated this morning 2/14/2024.

     

     

    CJ211Author
    February 14, 2024

    Further reading I think this may be due to Qualified Dividends.  This is the first year with QD for us. 

    JulieSAnswer
    February 14, 2024

    Yes, if your tax on line 16 doesn't match the tax tables, you should look for a smart worksheet for that line. This will indicate whether an alternative calculation was used. 

     

    The image below shows the smart worksheet for a return where the Qualified Dividends and Capital Gain Tax Worksheet was used to calculate the tax. 

     

    You can preview this is TurboTax Online:

     

     

    1. Open your return.
    2. Select Tax Tools from the left-side menu, then Tools.
    3. Select View Tax Summary in the pop up box.
    4. Select Preview my 1040 from the left-side menu.
    5. You will see the Form 1040 with Schedules 1, 2 and 3.
    6. Check line 16.
    7. When you are done, select Back from the left-side menu. 
       

    If you are using TurboTax Desktop:

     

    1. Select the Forms icon toward the upper right corner.
    2. Highlight Form 1040 in the list on the left. 
    3. Find line 16. 

     

     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"