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February 22, 2021
Question

My 1040-SR taxable income is 49,423 and TurboTax calculated my tax as 5,362. This does not match the tax chart guide of 1,975 12% of taxable income over 19,750. Why?

  • February 22, 2021
  • 1 reply
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1 reply

Employee
February 22, 2021

Any capital gains?  They are taxed at a different rate.

rl-senfAuthor
February 22, 2021

Yes, but when I subtract those (1,273) and do the calculation I get a tax amount of 5,383 and not 5,362 so I'm still missing something.