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bgbrinton
February 17, 2025
Question

turbo tax says my tax is 8.9% of taxable income. Tax table computes my tax at 11.4% of taxable income why the difference?

  • February 17, 2025
  • 1 reply
  • 0 views
Based on $75064

    1 reply

    T
    ThomasM125
    February 17, 2025

    The most likely reason for this is that you have capital gain income, reported in box 7 on your Form 1040. The tax on that will vary based on your adjusted gross income, but is often less than the tax listed in the tax table. You can look at the Qualified Dividends and Capital Gain Tax Worksheet to see how your tax is calculated. It will be available when you complete and pay for your tax return.

     

     

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