美西遊子

有財富未必有人生,有人生未必無財富。
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Tax caution: The tax table isn't for everyone

(2010-03-29 13:13:19) 下一個


Many friends have recently sent me QQH and asked how come his/her calculation shows higher tax on line 44 than TurboTax.  (Aha, TurboTax does your big favor!  Be happy!)

Very good question!  Tax made tricky!

What happens is this.  The tax table is not for everyone, even though ones taxable income (line 43 of form 1040) is under $100K.

Having said that, the same taxable income (line 43) doesn’t necessarily result in the same tax payable (line 44).  How could that be?

I strongly suggest pple to read it carefully how to figure out tax on page 37-39 of form 1040 instruction, especially for those who have to file sch D of form 1040.

The bottom line is you don’t want to pay more than you have to.

 

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