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March 6, 2022
Question

Calculating Total Tax

  • March 6, 2022
  • 1 reply
  • 0 views

Turbo Tax is calculating a total tax amount of $12,457 for a single tax payer with a taxable income of $49,913.  According to the IRS tax tables, the total tax amount should be $6,529.  

 

 

    1 reply

    DoninGA
    Employee
    March 6, 2022

    So on your From 1040 Line 15 you have taxable income of $49,913 and on Line 16 you have Taxes of $12,457, is that correct?

     

     

    mcmarkAuthor
    March 6, 2022

    I really appreciate your quick response!!  $49,913 is on line 15, however the amount on line 16 is $6,662.  Digging in deeper, I now see an amount on line 23 totaling $5,523 that wasn't there in previous years.  Any idea what triggered line 23?  Thanks

    VolvoGirl
    Employee
    March 6, 2022

    See what other taxes you might have on Schedule 2

    https://www.irs.gov/pub/irs-pdf/f1040s2.pdf 

     

    like an 10% Early Withdrawal Penalty on a IRA or 401K distribution.  Or self employment tax.

     

    To see all the forms you need to pay any fees first with a credit card.

    https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160