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My income consists of wages from jobs and interest income from 1099-INT. The tax due calculated by turbotax is greater than per the Tax table, why?

Forum|Forum|2 years ago
April 5, 2024
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TurboTax Deluxe Online

Best answer by ThomasM125

If the tax is off by just a few dollars, it could be because TurboTax may be using the tax rates schedules versus the tax table to calculate your tax. Either method is allowable. You can see the tax rates schedules on page 64 of the 2023 instructions to Form 1040, and the tax tables on page 110. Form 1040 instructions

You may have some taxes in addition to normal income taxes on your return. If your income is over $200,000 (single filer) or $250,000 (married-joint) you may be subject to a 3.8% net investment tax. Also, if you have self-employment income you may be subject to a self-employment tax of about 15% of your self-employment income. If you have health insurance through the government healthcare exchange you may have to pay back a portion of your premium credit. You can look on schedule 2 of your Form 1040 to see what additional taxes you may be subject to.

To view your form 1040 and schedule 1 to 3:

Choose Tax Tools from your left menu bar in TurboTax Online
Choose Tools
Choose View Tax Summary
See the Preview my 1040 option in the left menu bar and click on it
Choose the Back option in the left menu bar when you are done

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ThomasM125Answer

If the tax is off by just a few dollars, it could be because TurboTax may be using the tax rates schedules versus the tax table to calculate your tax. Either method is allowable. You can see the tax rates schedules on page 64 of the 2023 instructions to Form 1040, and the tax tables on page 110. Form 1040 instructions

You may have some taxes in addition to normal income taxes on your return. If your income is over $200,000 (single filer) or $250,000 (married-joint) you may be subject to a 3.8% net investment tax. Also, if you have self-employment income you may be subject to a self-employment tax of about 15% of your self-employment income. If you have health insurance through the government healthcare exchange you may have to pay back a portion of your premium credit. You can look on schedule 2 of your Form 1040 to see what additional taxes you may be subject to.

To view your form 1040 and schedule 1 to 3:

Choose Tax Tools from your left menu bar in TurboTax Online
Choose Tools
Choose View Tax Summary
See the Preview my 1040 option in the left menu bar and click on it
Choose the Back option in the left menu bar when you are done

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slavamdAuthor

Thank you so much, the 1040 preview was super helpful in understanding where the tax numbers come from! I learned that I have some additional net investment tax that is added on top of my regular income tax. The amount of the tax is associated with Form 8960, is there a way to preview that form as well (similar to the 1040)? thanks

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mglauner

If you're using TurboTax Online, you can pay for your return now, and be able to Print/View/Save your entire tax return as a PDF file, so you can review the calculations on Form 8960.

You'll still be able to keep working in your return until you Efile.

@slavamd