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L
llodds
February 27, 2022
Question

Wrong tax calculation?

  • February 27, 2022
  • 1 reply
  • 0 views

I am single and have a fairly simple income composition. The taxable income is $124,028. last year (line 15 on Form 1040), according to TCW, the tax should be:

 

$124,028*0.24 - $5979 = $23787.

 

Yet Turbox form generated form says the tax should be $23,601. (line 16 on Form 1040)

 

Why is the difference? Am I missing anything here?

 

Many thanks.

1 reply

J
JamesG1
February 27, 2022

Perhaps your tax return contains a Qualified Dividends and Capital Gain Tax Worksheet that calculates a lesser tax burden?

 

The form can be viewed here at page 36.

 

The worksheet can be viewed at Tax Tools / Print Center / Print, save or preview this year’s return / Include government and TurboTax worksheets.

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    L
    lloddsAuthor
    February 27, 2022

    Yes you are right. I have a qualified dividend of $2069, so the new calculation would be

     

    ($124028 - $2069)*0.24 - $5979 + $2069*0.15 = $23601.51

     

    which is exactly what I saw in the form generated by TurboTax.

     

    Thank you so much!

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