TurboTax for 2003


A

Allan Leedy

TT prints a US income tax summary as a cover sheet, showing adjusted gross
income, taxable income, tax, payments, tax due, etc. including "effective
tax rate". Anyone know how this is calculated? On my summary, it is shown
as "8.31%" even though applying a calculator to the preceding numbers shows
much different (and much higher) percentages based on adjusted income,
taxable income, and even gross income (not shown on the sheet).

It just makes one wonder what else isn't right.
 
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A

Allan Leedy

Apparently SE tax is included in the absolute numbers on this report but not
in the "effective rate" calculation.
 
K

Karl

I have 1 problem. I need to open another page on Schedule D for ST sales of
stocks and cannot succeed in it. It just gives me the page I already did and
does not allow to add other ST sales.

How can I open another Schedule D that is empty?
 
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B

Bob Sandler

TT prints a US income tax summary as a cover sheet, showing adjusted gross
income, taxable income, tax, payments, tax due, etc. including "effective
tax rate". Anyone know how this is calculated? On my summary, it is shown
as "8.31%" even though applying a calculator to the preceding numbers shows
much different (and much higher) percentages based on adjusted income,
taxable income, and even gross income (not shown on the sheet).
Based on some experimentation, the "effective tax rate"
appears to be Form 1040 line 54 divided by line 34 (Adjusted
Gross Income). The line 54 amount does not appear in the
summary.

Bob Sandler
 

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