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M
Mooring10
May 19, 2021
Question

Qualified Dividends and Capital Gain Tax Worksheet Results Incorrect or Too Low

  • May 19, 2021
  • 1 reply
  • 0 views

I am confused and think my "Tax on all taxable income" (Line 25 on the worksheet) is incorrect.

 

On the worksheet:

Line 1 - 28,175

Line 3 - 27,362 (from Schedule D)

Line 5 - 355

Line 25 - 36

 

Why is TT saying I only owe 36 in taxes?

 

 

1 reply

M
Mike9241
May 19, 2021

line 5 should be line 1 less line 4

and line 4 should be the sum of lines 2+3

so line 5 doesn't seem correct based on what you provided,

 

nevertheless, you saying that all your income is LTCG or qualified dividends except for $355

that $27K+ gets taxed at zero

only the $355 is taxed based on using the tax tables. the tax on that is $36.

 

what you haven't told us is your filing status and whether you could be claimed as a dependent on someone else's return.  if certain info like being a dependent is not entered, then the tax computations will be wrong.

 

 

 

M
Mooring10Author
May 19, 2021

Thank you kindly for your help!

 

Yes, Line 5 is the result of the subtraction as you noted.  The other sums are computed by TT.

1  28175

2 458

3 27362

4 27820

5 355

 

Filing status is MFJ.

 

Line 1 is wages, 1099-R, and interest.  Line 3 is capital gains on installment sale.

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