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March 7, 2024
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Turbo Tax does not appear to calculate taxes correctly

  • March 7, 2024
  • 1 reply
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Turbo tax calculated my taxable income, but says I don't owe taxes.  According to the tax tables, I do.  Why?  Which is correct?

 

 

    Best answer by DoninGA

    If you reported Qualified Dividends or Capital Gains on your tax return, the tax tables are not used.

    The Qualified Dividends and Capitals Gains Tax Worksheet is used instead - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#pag=37

     

    Or the Schedule D Tax Worksheet - https://www.irs.gov/pub/irs-pdf/i1040sd.pdf#page=16

    1 reply

    DoninGA
    DoninGAAnswer
    Employee
    March 7, 2024

    If you reported Qualified Dividends or Capital Gains on your tax return, the tax tables are not used.

    The Qualified Dividends and Capitals Gains Tax Worksheet is used instead - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#pag=37

     

    Or the Schedule D Tax Worksheet - https://www.irs.gov/pub/irs-pdf/i1040sd.pdf#page=16