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I am reviewing forms before filing. 1040 line 16 does not match IRS tax tables, why? Yes. If you have capital gain income (qualified dividends or sales on Schedule D) then you should see either the Qualified Dividends and Capital Gains Tax Worksheet (page 36) or the Schedule D Tax Worksheet in your file to show the tax liability calculation.
Select 1040/1040SR Wks:Form 1040 or Form 1040-SR Worksheet. Select Open Form. Find the Tax Smart Worksheet section on page 3. Look between lines A and B to see which tax method TurboTax is using. The amount on your line 16 of your Form 1040 may be lower than the amount in the standard IRS Tax Table. This is because TurboTax is using a different ...
Potential issue between TurboTax 1040, line 16 tax calculation and Publication 17, 2023 Tax Computation Worksheet—Line 16, Section B, Married Filing Jointly, Line 15, At least $100,000 but not over $190,750 (22%) calculation. TurboTax calculates one tax amount, but when manually calculate using Publication 17 formula, I get a different tax ...
On this line enter the total of the following amounts. • Any amount paid with your request for an extension on Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, or Form 2350, Application for Extension of Time To File U.S. Income Tax Return (use the following chart to find the corresponding line).
Per the IRS, below are the items allowed to be reported on line 16 of Schedule A: Gambling losses (gambling losses include, but aren't limited to, the cost of non-winning bingo, lottery, and raffle tickets), but only to the extent of gambling winnings reported on Schedule 1 (Form 1040), line 21. Casualty and theft losses of income-producing ...
Bookmark Icon. dmertz. Level 15. Form 1040, Schedule 1, Line 16 - cannot make an entry. The fact that entering a SEP contribution does not result in it propagating to Schedule 1 suggests that you don't have any net profit from self employment on Schedule C. February 18, 20224:44 PM.
You don't put anything on line 16 (or any other line) of the 1040. TurboTax does that based on your input in the program interview. If you're doing a form by hand, or online fillable, line 16 is usually looked up in the tax table, based on the taxable income on line 15. But, sometimes (usually if you have qualified dividends or capital gains) a ...
Why is the tax on my 1040 form Line 16 different from the amount I look up on the tax table based on Line 15 (taxable income)? Most military pensions are taxable for Federal purposes, if you received Form 1099-R. Depending on the amount of your pension, some of your Social Security income may become taxable as well.
Schedule 1 is a separate form you’ll get with your return if you have any additional income to report. You’ll also use it to report adjustments to income, such as: Next, you’ll subtract line 10 from line 9 to figure your Adjusted Gross Income (AGI). To get your taxable income, subtract any deductions from your AGI.
Hi! The tax that TurboTax enters on Line 16 of my Form 1040 doesn't match what I come up with when I use the IRS 2022 Tax Computation Worksheet for Line 16. Specifically, TurboTax enters $25,804 on Line 16, but when I use the formula for my income level shown in the 2022 Tax Computation Worksheet, Section B ("Married filing jointly", which is ...