Skip to main content
Level 2
March 9, 2023
Solved

Tax Calculation

  • March 9, 2023
  • 7 replies
  • 28 views

Has anyone noticed since the last update that the federal income tax is not calculating correctly?

My client taxable income 103588  tax calculated by proseries 14,008.00

Manual calculation with tax table calculation 13404.00

This topic has been closed for replies.
Best answer by rbynaker

I get $14,023.  But that assumes all sorts of highly relevant facts not in evidence such as tax year, filing status, $0 QD/LTCG . . .

7 replies

GodFather
Intuit Community Champion
March 9, 2023

What made you calculate by hand?  

Level 2
March 9, 2023

We always check them by hand.

 

 

GodFather
Intuit Community Champion
March 9, 2023

How often have you changed a return based on the manual calculation?  That is a completely sincere question.  In 30 (I'm 39 years old) years of preparing taxes, I've never once received a notice that the calculated tax was incorrect.  

Level 15
March 9, 2023

@Amanda5712 wrote:

Has anyone noticed since the last update that the federal income tax is not calculating correctly?

My client taxable income 103588  tax calculated by proseries 14,008.00

Manual calculation with tax table calculation 13404.00


 

Are there anything things that you may have mis-entered in the software, such as entering something as a short-term capital gain rather than a long-term gain?

Is there anything that you may have missed on your manual calculation, such as factoring in the Foreign Earned Income Exclusion?

If there are any Schedule D capital gain worksheets, I think you can print them out.  Have you tried that and compared that to your manual calculations?

rbynaker
rbynakerAnswer
Level 13
March 9, 2023

I get $14,023.  But that assumes all sorts of highly relevant facts not in evidence such as tax year, filing status, $0 QD/LTCG . . .

Just-Lisa-Now-
Intuit Community Champion
March 9, 2023

So yesterday the program calculated it as 13404 but today, after the update,  its 14008?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
PATAX
Level 12
March 9, 2023

Pro Series does an excellent job on calculation of that. If it did not, then we would all be getting notices from the IRS. I cannot recall, in my little pea brain, of ever getting a notice for erroneous tax calculation.

Level 2
February 3, 2024

I have a client with a total income of $80,710. After taking the HOH standard deduction, the taxable income of the client is $59,910. The first $15,700 is taxed at a rate of 10%, resulting in a tax amount of $1,570. The remaining balance of $44,210 is taxed at a rate of 12%. 12% of $44,210 is $5,305. Adding the two tax amounts together, $1,570 + $5,305, gives a total tax liability of $6,875 according to the hand calculation. However, the system shows a slightly different total of $6,885. Any one experiencing this issue with the 2023?

abctax55
Level 15
February 3, 2024

Tables v. specific calculations can show rounding differences

HumanKind... Be Both
Level 2
March 6, 2024

I have had the same problem with a recent return. We always check our returns by hand and this is the first one that isn’t calculating correctly.