If my taxable income is $166,711, married filing jointly, what is my fed tax due?

Forum|Forum|2 years ago
February 29, 2024
3 replies
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For tax year 2023.

TurboTax Deluxe Online

Best answer by BillM223

But if you want the specific answer to your question (understanding xmasbaby's reasonable concerns), go to the 2023 Tax Computation Worksheet—Line 16, Section B for the worksheet to calculate the tax for these numbers.

xmasbaby0

Employee

There are too many other variables for us to tell you what your tax will be. Enter your information into the software program. You have to enter everything---dependents, credits, deductions (f any), etc. along with the amounts of tax withheld from your income to see if you have tax due, and if so, how much.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

VolvoGirl

Employee

There no way to know that. There are like 7 different ways to calculate the tax depending on what kind of income you have. Then you subtract the withholding and any credits you qualify for. And add in any extra taxes you might have. That's why you are filling out a tax return .

BillM223Answer

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hollywebsterAuthor

Thanks BillM223 and all. I have done the calculation several times using different resources. I always get the same as the IRS worksheet you offered calculates. However, my line 16 (on my TT 1040) does NOT match this amount, so I am confused how TT calculated it. I wasn’t able to get any explanation because I didn’t sign up for “TT Live”. I didn’t discover this until I already filed. I trust TT, but this seems an anomaly. If need be, I hope the IRS catches it! 🤷‍♀️

BillM223

There are a number of income types that are NOT taxed according to the Tax Tables. For example, long-term capital gains and qualifying dividends are taxed at a lower rate than ordinary income. This is the most common case for people like you discovering that the tax is not "right".

If you saved the PDF copy of all your forms and worksheets (I hope you did), look for something like Capital Gains and Qualifying Dividends Worksheet, which would show you how the tax was calculated.

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