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Level 4
June 16, 2020

Proseries income tax calculation is Off

  • June 16, 2020
  • 1 reply
  • 10 views

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 reply

    George4Tacks
    Level 15
    June 16, 2020
    qualified dividends?
    LT capital gain?
    Answers are easy. Questions are hard!
    leftyAuthor
    Level 4
    June 16, 2020

    they have $15K in long term gains

    Just-Lisa-Now-
    Intuit Community Champion
    June 16, 2020

    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♥¸¸.•*¨*•♫♪