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I just filed my 2017 tax return. I used TurboTax like I have…

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I just filed my...

I just filed my 2017 tax return. I used TurboTax like I have before.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

The taxes seems way higher than the % chart shows it should be.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

The taxable Income amount is $132,829.00 and we are filing jointly (husband and wife) It shows my tax is $41,011.00

Submitted: 28 days ago.Category: Tax
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Answered in 1 hour by:
3/29/2018
Tax Professional: James Daloisio, Tax Attorney replied 28 days ago
James Daloisio
James Daloisio, Tax Attorney
Category: Tax
Satisfied Customers: 340
Experience: 24 years of continuing education and experience.
Verified

Hi, my name is ***** ***** welcome to Just Answer.

The tax on $132,829.00 of taxable income is calculated at 25% minus $8,522.50, or $24,684.75 for MFJ filers. This is the number that should appear on line 44.

Did you have something that generated an additional tax? Check your form 1040, lines 57 to 62, to see if any additional taxes were added to your income tax. Check the number on line 63, "Total Tax."

Also check line 45 to see if the program added an AMT amount.

Let me know what you find on those lines.

Jim

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Customer reply replied 28 days ago
Line 57 (self-employment) tax is $16,326.
So, that is the difference!
Tax Professional: James Daloisio, Tax Attorney replied 28 days ago

Aha!

You should work on your Schedule C deductions/expenses.

Next year you get the new 199A deduction: 20% exclusion.

Good luck!

Jim

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James Daloisio, Tax Attorney
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