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I filed a joint return through TurboTax. My taxable income…

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I filed a joint...

I filed a joint return through TurboTax. My taxable income was $87,829. Using the IRS's published tax rate schedule, the tax I owe should be $13,499.25. TurboTax calculated I owe $17,787 (this compares to $14,679 last year on taxable income of $92,216). Am I missing something? Or is there a mistake?

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Submitted: 1 year ago.Category: Tax
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Answered in 6 minutes by:
6/16/2017
Tax Professional: emc011075, Tax adviser replied 1 year ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,989
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

What is source of the income? Did you have premature distribution from your retirement account? Did you HSA? Taxable income is just one part of calculating your tax liability.

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Customer reply replied 1 year ago
I found the answer -- it was $4,168 self employment tax
Tax Professional: emc011075, Tax adviser replied 1 year ago

That what I thought. It is generally self-employment tax, early distribution penalty (from retirement), nonqualified distribution from HSA or education account or Net investment tax.

Is there anything else I can help you with today? By the way you should see adjustment for 1/2 of self-employment tax on the first page of 1040 (second half). If you paid your own health insurance there should be adjustment for that as well.

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