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April 11, 2025
Question

TurboTax calculates "gross income from all sources" in a smart worksheet. How is calculation done (answer from Nova> seems incomplete)?

  • April 11, 2025
  • 1 reply
  • 0 views
Checked multiple resources and Nova's answer is most complete. However, I'd really like to see the smart worksheet to compare those numbers with the ones I can find in my return. Thanks

1 reply

April 16, 2025

Here's some info on Calculating AGI/MAGI.

 

@Tom Weir 

Tom WeirAuthor
April 16, 2025

AGI and MAGI are calculated transparently in TT. ‘Gross income’ has a hidden worksheet. Did some what-if scenarios for my particular situation. Specifically, capital losses (or at least some) are not included in gross income. If you had a $20k gain and $10k loss, you’d add in $20k. This can be a problem if you use the ‘category totals’ method rather than entering individual sales. For example above, the categories method would add $10k (20-10=10) to gross income rather than the correct $20k. Form 1116 favors a higher gross income to increase tax credit.

April 28, 2025

Is there any way to see the 'hidden worksheet'?