Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I've done my taxes on Turbo Tax (through Vanguard) and Turbo Tax tells me that I've used the most up-to-date version of their software.

I just printed out a copy of my taxes and then I compared by taxable income and the taxes owed on same to the tax table in the 1040 instruction booklet that I got from the IRS website -- and the two numbers don't match!

Turbo tax is giving me about a $500 break in taxes if I use their figure. According to the tax table I should be paying more.

I'm confused. I called Turbo Tax and they assure me blah, blah, blah, that they will guarantee the correctness and pay penalties blah blah blah if I get any.

I don't want the headaches. I want it to be right.

What do you think???

AM
Print the post Back To Top
No. of Recommendations: 0
I just printed out a copy of my taxes and then I compared by taxable income and the taxes owed on same to the tax table in the 1040 instruction booklet that I got from the IRS website -- and the two numbers don't match!

Do you have entries on Schedule D? If, yes, check to see if your taxes were computed using that Schedule and worksheets and resulted in a lower tax. Such was the case for me :-)

George
Print the post Back To Top
No. of Recommendations: 0
AngelMay writes (in part):

Turbo tax is giving me about a $500 break in taxes if I use their figure. According to the tax table I should be paying more.

I reply:

Is any of your income entitled to long-term capital gains treatment? If so, then you have to correct for that before going to the tables, and that could easily account for the difference.

Kudos to you for using your brain to double-check the software. --Bob
Print the post Back To Top
No. of Recommendations: 1
What do you think???

I think you should find out why. A couple of thoughts come to mind.

First, are there entries on line 9b or 13 of the 1040? If there's anything on either of these lines your tax likely doesn't come from the Tax Tables.

If TT is taking your tax from something other than the tables you should be able to right-click on line 44 of the 1040 and move up the food chain to whatever computation worksheet it's using. (I assume you are looking at line 44, which is the right place to be immediately after taxable income is computed.)

Phil
Print the post Back To Top
No. of Recommendations: 0
I just printed out a copy of my taxes and then I compared by taxable income and the taxes owed on same to the tax table in the 1040 instruction booklet that I got from the IRS website -- and the two numbers don't match!

Do you have entries on Schedule D? If, yes, check to see if your taxes were computed using that Schedule and worksheets and resulted in a lower tax. Such was the case for me :-)

George




George, I just want to jump up and kiss ya!!!
Thank you so very much!
That was the answer. Whew! I'm relieved now.
The Turbo Tax guy didn't have a clue.
All he could tell me is that their software is correct.

Uh huh.
I'm a retired programmer -- and I know that's just not always the case ;o)

Thank you again!
So much!

AngelMay
Print the post Back To Top
No. of Recommendations: 0

Kudos to you for using your brain to double-check the software. --Bob



I try. ;o)

But don't always succeed. Duh.
Thanks again, guys -- your help is SO very much appreciated.

AM
Print the post Back To Top
No. of Recommendations: 0
What do you think???

Make sure you are really looking at taxable income and not at some other subtotal on your return.

Make sure you are looking at the right column in the tax table for your filing status.

I hate to say it, but the odds favor a human error here. ;-)

--Peter
Print the post Back To Top
No. of Recommendations: 1
George, I just want to jump up and kiss ya!!!
Thank you so very much!


*blush*, and you're welcome !

I'm a retired programmer -- and I know that's just not always the case ;o)

I was one of those once... programmer, management, etc., then the promise land... Retirement :-)

George
Print the post Back To Top