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How does Turbo Tax calculate 1040 line 16 tax? I am reviewing forms before filing. 1040 line 16 does not match IRS tax tables, why?

Forum|Forum|5 years ago
March 5, 2021
3 replies
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Married filing jointly. I am self employed.

TurboTax Self Employed Online

Best answer by DoninGA

@graceric wrote:
Married filing jointly. I am self employed.

To the left of Line 16 there should be an indication of what was used to calculate the taxes.

In most cases if you have Qualified Dividends or Capital Gains reported the taxes are calculated using the Qualified Dividends and Capital Gains Worksheet. But it could also be from Schedule D worksheet or other worksheet or Form indicated to the left of Line 16.

DoninGAAnswer

Employee

@graceric wrote:
Married filing jointly. I am self employed.

To the left of Line 16 there should be an indication of what was used to calculate the taxes.

In most cases if you have Qualified Dividends or Capital Gains reported the taxes are calculated using the Qualified Dividends and Capital Gains Worksheet. But it could also be from Schedule D worksheet or other worksheet or Form indicated to the left of Line 16.

G

gracericAuthor

Thank you!

J

jjlhampton

I do not understanding. Filing married jointly. One W2, One 1099Misc. One 1099Gov. Standard deduction plus withholding taxes. Netting $60,700. Tax tables says $6886 taxes due (pp10). Why does Turbotax say $9045?

VolvoGirl

Employee

Are you comparing the tax on line 16? Or the total tax on line 24? There may be other taxes and penalties. What did you get a 1099Misc for? You might owe self employment tax on it.