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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.
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 ...
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 ...
You have capital gains or qualified dividends.. While these two categories are added into Adjusted Gross Income and thus show up on line 11 of the 1040, they cause the tax computation to change, because ordinary income is taxed at one rate, and capital gains and qualified dividends are taxed at a lower rate.
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 ...
You can also check the Maximize box and TurboTax will calculate the maximum you can contribute to your SEP IRA based on your net self-employment income. The amount of SEP IRA contribution is carried over to Line 16 of Schedule 1 of Form 1040. You don't manually enter it on Line 16 of Schedule 1. **Say "Thanks" by clicking the thumb icon in a post.
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 ...
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 ...
TT just pulled a random number into line 16 on schedule 1. We paid around $10,400 in premiums and received around $8,000 in ACA tax credits. So line 16 should list $10,400 in self employed premium expenses but instead it lists almost $19,000. Not even sure how TT got that number since it's not the sum of $10,400 and $8,000.