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- Form 1040 is not calculating tax correctly on a simple return
Form 1040 is not calculating tax correctly on a simple return
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twatkinscpa
Level 2
02-04-2021
11:08 PM
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Taxable income is $4,291. Tax before credits is $17,131 - something is wrong with the calculation.
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twatkinscpa
Level 2
02-04-2021
11:29 PM
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Found it! Form 8615 needs to have calculated tax AND actual tax paid by the parent(s) claiming the dependent for the calculation to reflect only the dependent's tax adjustment. Kiddie tax form gone wild....
