calculating US tax owed
Post date: 2020-07-13 07:53:37
Views: 285
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:
Analysis: A powerful new coalition of AI skeptics is coalescing right in Trump's blind spot
Samsung Electronics wins $200 billion Broadcom AI chip partnership, boosting foundry push
Saudi military strikes Houthi targets in Yemen after Iran-backed militia attacked Red Sea shipping
Here are 4 forces that drove a tough week for stocks
Buffett favors an estate tax, but like virtually all billionaires, he won't be paying it
Morgan Stanley says buy these stocks ahead of their earnings, before it's too late
Elevated energy prices, AI capex binge puts the Fed and Kevin Warsh in a tough spot
EBay, former execs to pay $56 million in blogger harassment and stalking case
Trump: New tariffs 'doing the same thing' as the ones struck down by Supreme Court
The future of Wall Street is here as startups and brokers build AI agents to trade 24/7