calculating US tax owed
Post date: 2020-07-13 07:53:37
Views: 188
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:
Southwest Airlines cuts outlook on government shutdown demand hit, higher fuel costs
$208 million wiped out: Yieldstreet investors rack up more losses as firm rebrands to Willow Wealth
Meet Binance's new co-CEO Yi He: The mysterious and omnipresent 'life partner' of CZ
S&P 500 gains for a fourth day, nears record after light inflation reading: Live updates
India's largest airline melts down after new crew rest rules
4 'good enough' financial moves to reach your goals with 'less time and hassle,' from a money expert
S&P 500 quietly rebounds to near a new record. Where to next after a quick round trip?
Senior US diplomat calls EU policies bad for trans-Atlantic partnership
Berkshire Hathaway is on track to lag behind the S&P 500 in Buffett's last year as CEO
David Ellison's hunt for WBD made David Zaslav richer — and it may not be over