calculating US tax owed
Post date: 2020-07-13 07:53:37
Views: 229
TurboTax and the official US Tax Tables and instructions from the 1040 are giving me two different numbers from the same adjusted gross income number. What gives?

I am trying to DIY my taxes with free fillable forms; my situation is not overly complex. I have my AGI, TurboTax gives the same AGI from the same inputs so everything checks out up to line 11 of the 1040. Then you need to enter tax owed; the official instructions point you to the tax tables, but TurboTax also provides a line item "explanation of refund" and their tax owed number does not match the tax tables, it's lower. Why? Is there some more favorable but still legal way of calculating tax owed other than from the tables using the tax brackets for exact marginal dollars? It doesn't make any sense otherwise. The numbers are close but not that close, within $50
Number of Comments
Please click Here to read the full story.
 
Other Top and Latest Questions:
The Trump administration equity portfolio is growing. These are the investments so far
Couple bought a 140-year-old New Jersey home for $550,000 and spent $172,000 renovating it—take a look inside
Berkshire Hathaway outperforms this week as tech stocks sink
Pressure mounts on American Airlines CEO as carrier lags rivals
Hims & Hers pulls copycat weight-loss pill after threats of legal action
NFL plans to have discussions with partners outside of core media for live games, media chief says
U.S. plans initial payment towards billions owed to the UN, envoy Waltz says
Japanese Prime Minister Takaichi's ruling LDP set to secure supermajority in Lower House: NHK
Kroger to name former Walmart exec Greg Foran as next CEO, WSJ reports
Epstein files: Congressional lawmakers call for Trump Commerce chief Lutnick to resign, or be fired