Question

Is does not appear that turbotax is calculating our filing status correctly. Is there something wrong with the algorithm in your system?

Forum|Forum|5 years ago
February 8, 2021
1 reply
0 views

Our final tax amounts are way off in your system compared to what we really should be paying in taxes.

TurboTax Premier Online

Employee

Your filing status? Are you filing a joint return? What do you see for the filing status at the top of your Form 1040? Were you 65 or older at the end of 2020? Do you think it is using the wrong standard deduction?

What kind(s) of income did you enter?

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

2020 Standard Deduction Amounts

Single $12,400 (+ $1650 65 or older)

Married Filing Separate $12,400 (+ $1300 if 65 or older)

Married Filing Jointly $24,800 (+ $1300 for each spouse 65 or older)

Head of Household $18,650 (+ $1650 for 65 or older)

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

C

cantfindauserid-Author

I can see the 1040 but our info says filing jointly. I'm over 65 but my wife is not. We are not taking the standard deduction, but itemized. We have 2 W2's, a 1099INT, 1099DIV,1099R, stock sales, an my SSN income. It has us owing over $7,734 to Fed and $589 to MN state. It has our tax liability at over $15K on taxable income of just under %79K. This can't be right based on our last years return and what we figured out from doing both Fed and state tax in long hand.

macuser_22

Employee

We cannot see your tax return. Look at the 1040 lines 1-14. The taxable income is on line15. Starting at line 1, what line is incorrect?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**