Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jan 8, 2025 8:45:45 AM

Caution - Significant Error in Tax Calculation

There is a significant error in calculating the Federal Tax on the 2024 TurboTax program.  When I filled in my income, which is only investment income, it reports the Federal Tax on Line 139 as $26,939.62.  Line 143 is reported as $0.00.  To calculate the Net Federal Tax on Line 144,  it says to subtract Line 143 from Line 139.  The correct answer is $26,939.62, yet the program calculates it as $48,636.59, which is almost double the actual federal tax.  And of course, the difference magnifies the provincial tax situation.  After spending around $100.00 for the program, I didn't expect to owe twice the tax.

0 103
0 Replies