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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 ...
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.
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.
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 ...
Self-Employed Health Insurance Deduction (1040 sched 1 line 16) Unexplained Value. On Form 1040 Schedule 1 Line 16, TurboTax has generated a value that doesn't seem to come from anywhere. To make the discussion easier, let's say the value listed here is $200. If I right-click the value->About, it says to see the "Self-Employed Health and Long ...
TurboTax uses the appropriate method for computing the tax from one of the following: the Tax Table, the Tax Computation Worksheet (in the government instructions), Schedule D Tax Worksheet, the Qualified Dividends and Capital Gain Tax Worksheet, Schedule J, Form 8615 (Tax for Certain Children With Unearned Income of More Than $2,200), or the Foreign Earned Income Tax.
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 ...
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 property from Form 4684, lines 32 and 38b, or Form 4797, line 18a.
This is the issue: "Schedule Line 16 does not include capital asset sales because you have exceeded the maximum number of noncovered sales. Since you have more than 4000 noncovered sales, you will need to remove some of the noncovered sales. They can be replaced by entering a summary and attaching ...