My taxable income is only 55.8% of my total income.
My deductions: student loans, home loan interest, 401K, KEOUGH, charitable donations, work expenses, qualified business income deduction, DMV costs, childcare expenses
This seems completely ridiculous. My return was prepared by EY Tax Chat, and I reviewed the return and see no sign of error or fraud.
I am curious if other people have similar experiences
-Blimp
What percentage of your total income is your taxable income?
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Re: What percentage of your total income is your taxable income?
Yours is extremely close to my percentage, I'm right at 50%
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Re: What percentage of your total income is your taxable income?
I'm also sitting at about 55%. My effective Federal tax rate after credits is only about 3%.blimp wrote: ↑Tue Mar 21, 2023 10:53 pm My taxable income is only 55.8% of my total income.
My deductions: student loans, home loan interest, 401K, KEOUGH, charitable donations, work expenses, qualified business income deduction, DMV costs, childcare expenses
This seems completely ridiculous. My return was prepared by EY Tax Chat, and I reviewed the return and see no sign of error or fraud.
I am curious if other people have similar experiences
-Blimp
Re: What percentage of your total income is your taxable income?
NiceJohm221122 wrote: ↑Tue Mar 21, 2023 10:57 pm Yours is extremely close to my percentage, I'm right at 50%
Whoahtoddthebod wrote: ↑Tue Mar 21, 2023 11:02 pm I'm also sitting at about 55%. My effective Federal tax rate after credits is only about 3%.
Re: What percentage of your total income is your taxable income?
I'm not sure what you are referencing, as you mention deductions. Are you thinking you don't have enough deductions? 55.8% seems like a pretty good ratio in that regard. We are probably quite high: AGI approx 197k. That does not include 3300 in tax free interest, and 3800 in untaxed SS, as well as Roth dividends of 11k. and our MFJ standard deduction is 28,700. That leaves our line 15 taxable income at 168k. So AGI + tax free int+untaxed SS+Roth Dividends is just a bit over 215k, but taxable income on line 15 being 168k means that 78% of my income is taxed. If we weren't doing tIRA conversions we could greatly reduce the taxes we pay, but I would rather convert now than pay 3% more when the tax cuts are set to expire in a few years.blimp wrote: ↑Tue Mar 21, 2023 10:53 pm My taxable income is only 55.8% of my total income.
My deductions: student loans, home loan interest, 401K, KEOUGH, charitable donations, work expenses, qualified business income deduction, DMV costs, childcare expenses
This seems completely ridiculous. My return was prepared by EY Tax Chat, and I reviewed the return and see no sign of error or fraud.
I am curious if other people have similar experiences
-Blimp
Re: What percentage of your total income is your taxable income?
All of our pensions and 85% of our SS could be considered Taxable Income, I guess. The part we don’t need for living expenses is invested.
And we don’t have to work anymore.
I don’t get the point of comparing. Neither is right or wrong. It is what it is.
And we don’t have to work anymore.
I don’t get the point of comparing. Neither is right or wrong. It is what it is.
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Re: What percentage of your total income is your taxable income?
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