calculating US tax owed
Post date: 2020-07-13 07:53:37
Views: 178
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:
FAA issues order prohibiting MD-11 flights pending inspection after fiery UPS jet crash
China consumer prices return to growth in October, producer price slump extends to three years
They met on Tinder when they were 19. Now, they're married and run a cake business that brings in over $650,000 a year
Week in review: The Nasdaq's worst week since April, three trades, and earnings
Consumers on edge as ACA 'subsidy cliff' looms: 'Quite frankly, it's terrifying'
Defense spending isn't going away any time soon. This stock on our list has a pristine chart
Baby boomers are less bullish on ETFs than younger generations, research finds — with good reason
What Democrats are — and aren't — getting in the deal that could end the government shutdown
Rocket Lab rises 5% on record third-quarter revenue, launch backlog
Senate passes bill to end government shutdown, sending it to House