Solved: Where in TurboTax can I see the calculations used to …

Dec 17, 2023 · Total tax is on line 24. On the Tax Smart Worksheet, below line A there are 7 check boxes. The one that is checked indicates what worksheet was used to calculate the tax. But if box 1 or 2 is checked, there is no worksheet in TurboTax. It just uses the Tax Table or Tax …

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Estimated Taxes: How To Determine What To Pay And When

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Oct 16, 2024 · If you expect to owe more than $1,000 in federal taxes for the tax year, you may need to make estimated quarterly tax payments using Form 1040-ES, or else face a penalty …

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How To Figure Out Adjusted Gross Income (AGI) - TurboTax

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If you itemize deductions and report medical expenses, for example, you have to reduce the total expense by 7.5% of your AGI. So, if you report $10,000 in medical expenses and an AGI of $100,000; you'll need to reduce your deduction by $7,500. But, if your AGI is $50,000, the reduction is only $3,750.

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How Does TurboTax Calculate My Estimated Tax Payments? - Intuit

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by TurboTax•659• Updated 5 days ago. Based on your 2024 tax info, we’ll use the lower of the following IRS-approved methods to calculate your estimated tax payments. 90% of your …

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Capital Gains Tax Calculator - The TurboTax Blog

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Feb 16, 2023 · Simple: A capital gain is generally taxable, while a capital loss may be tax-deductible. For example, if you lose more than you make, you can use up to $3,000 to reduce your overall income like wages and potentially pay less in taxes. If you lose more than $3,000 in a single year, you can carry forward the additional loss to future tax years.

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What Is My Tax Bracket? - TurboTax Tax Tips & Videos

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Oct 20, 2024 · A tax bracket is a range of taxable income that is subject to a specific tax percentage. The brackets used to calculate your income tax depend on your filing status. In 2024 there are seven tax brackets with each one having a different tax rate ranging from 10% to 37%. For example, the 2024 brackets below show the first tax bracket if you are ...

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FAQs about Solved: Where in TurboTax can I see the calculations used to … Coupon?

Does TurboTax have a tax calculator?

Total tax is on line 24. On the Tax Smart Worksheet, below line A there are 7 check boxes. The one that is checked indicates what worksheet was used to calculate the tax. But if box 1 or 2 is checked, there is no worksheet in TurboTax. It just uses the Tax Table or Tax Computation Worksheet in the IRS instructions for Form 1040. ...

Is there a tax worksheet in TurboTax?

But if box 1 or 2 is checked, there is no worksheet in TurboTax. It just uses the Tax Table or Tax Computation Worksheet in the IRS instructions for Form 1040. The calculation that you are using, $2,200 + 12% of the amount over $22,000, is from the Tax Rate Schedules in the IRS instructions. ...

Does TurboTax show the marginal tax rate?

The What-If Worksheet in TurboTax doesn’t show the marginal tax rate directly. You have to calculate it yourself by dividing the difference in total tax by the conversion amount. Nor does it show the marginal tax rate for different conversion amounts in a chart. You don’t know where it may hit a spike. ...

How can TurboTax help you save money?

TurboTax offers a suite of tax tools and calculators to help you save money. Input your unique tax situations to find deductions, calculate your W-4 withholding, and more. You can even estimate your tax return or how much you might owe with our tax refund calculator. Your annual bonus from your company is subject to income taxes. ...

What are tax calculators?

How do I calculate tax on a 1040?

It just uses the Tax Table or Tax Computation Worksheet in the IRS instructions for Form 1040. The calculation that you are using, $2,200 + 12% of the amount over $22,000, is from the Tax Rate Schedules in the IRS instructions. The "Caution" at the top of that page tells you not to use it to calculate your tax. ...