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April 26, 2021
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Has anyone else noticed that Line 16 Tax values are being calculated wrong?

  • April 26, 2021
  • 2 replies
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    Best answer by VolvoGirl

    If there was an error there would be thousands of posts about it.  It depends on what kind of income you have, if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D.  The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet.  It does not get filed with your return.  In the online version you need to save your return as a pdf file and include all worksheets to see it.

     

    For the Desktop version you can switch to Forms Mode and open the worksheet to see it.  Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.

     

    You can probably tell because the tax on 1040 will be less than the Tax Table

    https://ttlc.intuit.com/community/forms/help/form-1040-line-11-amount-is-less-than-standard-irs-tax-table/00/25752

    2 replies

    Employee
    April 26, 2021

    Line 16 of Form 1040?

    April 26, 2021

    Hi, please refer to VolvoGirl's excellent reply.

    VolvoGirl
    VolvoGirlAnswer
    Employee
    April 26, 2021

    If there was an error there would be thousands of posts about it.  It depends on what kind of income you have, if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D.  The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet.  It does not get filed with your return.  In the online version you need to save your return as a pdf file and include all worksheets to see it.

     

    For the Desktop version you can switch to Forms Mode and open the worksheet to see it.  Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.

     

    You can probably tell because the tax on 1040 will be less than the Tax Table

    https://ttlc.intuit.com/community/forms/help/form-1040-line-11-amount-is-less-than-standard-irs-tax-table/00/25752

    April 26, 2021

    Hi VolvoGirl - you are absolutely correct! Many thanks for your reply and having me check the Qualified Dividends & Capital Gain Tax Worksheet. Much appreciated!