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bstevens33
January 30, 2020
Question

TT's 1040 line 11b for 2019 shows taxable income of $47,371 ( married filing jointly ). line 12a & 12b tax shows $5,257 but I calculate it $5,296.52. Which is right?

  • January 30, 2020
  • 1 reply
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1 reply

SteamTrain
SteamTrain
Employee
January 31, 2020

Probably the TTX calc.

 

You are likely just using the tax tables....but the tax tables alone aren't used if you had any $$ in boxes 1a,1b, or 2a of a 1099-DIV form, or any other long-term capital gains on brokerage transactions.  Special calcs. are used since those other types of income are taxed at lower rates,or not at all.. 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
    B
    bstevens33Author
    January 31, 2020

    Yes, your explanation fits my situation and is undoubtedly the answer!  Thanks for the quick response!! Much appreciated.

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