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Proseries income tax calculation is Off

lefty
Level 4

2019 MFJ taxable is $166,414.  Proseries says federal tax is $27,288.

But calculating myself (based on tax brackets) I come up with $28,327.

The Fiirst $19,400 is taxed at 10%= $1,940

$59,549 taxed at 12% = $7,145.88

$87,463 taxed at 22%= $19,241.86

Why is proseries calculation different than mine?  What am I missing?

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1 Best Answer

Accepted Solutions
Just-Lisa-Now-
Level 15
Level 15

Look for the Schedule D Tax Worksheet in the list of forms on the left....see if that clears it up for you. 

If you have LT Cap Gains you cant use the Tax Tables.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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5 Comments 5
George4Tacks
Level 15
qualified dividends?
LT capital gain?

Answers are easy. Questions are hard!
lefty
Level 4

they have $15K in long term gains

0 Cheers
Just-Lisa-Now-
Level 15
Level 15

Look for the Schedule D Tax Worksheet in the list of forms on the left....see if that clears it up for you. 

If you have LT Cap Gains you cant use the Tax Tables.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
sjrcpa
Level 15

BINGO

The more I know, the more I don't know.
lefty
Level 4

thank you. thank you. thank you. thank you!