Joined Jan 2008
L6: Expert
Forum Thread
Tax on Taxable Income differs between TurboTax and FreeTaxUSA
April 10, 2023 at
09:18 PM
Thread Details
I always use both Turbotax and FreeTaxUSA to compare the calculations between them before i Submit. I had never seen this issue in past.
For 2022, Both Turbotax and FreeTaxUSA says
Taxable Income : $77344
But FreeTaxUSA calculates Taxes as 8226$
While TurboTax Calculates Taxes as 8148$
I am not sure how does these calculated Tax differs between these providers for same Taxable Income?
Refer the attached screenshots
For 2022, Both Turbotax and FreeTaxUSA says
Taxable Income : $77344
But FreeTaxUSA calculates Taxes as 8226$
While TurboTax Calculates Taxes as 8148$
I am not sure how does these calculated Tax differs between these providers for same Taxable Income?
Refer the attached screenshots
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to see where the difference is if you cannot see it easily?
It was due to Dividend entry i missed entering under Qualified dividend value.
When seeing the dividend worksheet, the dividend amount was less than which i updated and now FreeTaxUSA shows same as TurboTax.
Looks like Dividends are treated special rate based on Filing Status and Taxable Income.
It was due to Dividend entry i missed entering under Qualified dividend value.
When seeing the dividend worksheet, the dividend amount was less than which i updated and now FreeTaxUSA shows same as TurboTax.
Looks like Dividends are treated special rate based on Filing Status and Taxable Income.