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ipaytaxeswithblo
New Member

Hi,I am in the 10% tax bracket & thought I would owe~$900 this year but it says I don't. Could ~$300 in student loan deducts. & the standard cancel out the tax burden?

 
1 Best answer

Accepted Solutions
PaulaM
Expert Alumni

Hi,I am in the 10% tax bracket & thought I would owe~$900 this year but it says I don't. Could ~$300 in student loan deducts. & the standard cancel out the tax burden?

The tax bracket that you are in is just the rate of taxes that would be computed at your income level. The effective tax rate (the rate you actually paid) can be much lower depending on the other details of your return, including your deductions and credits.

To see the effective tax rate of your return if you have already filed:

  • Sign in to your TurboTax Online account
  • Select My TurboTax, View My Tax Timeline
  • In the Some things you can do section, click 'Add a State' (you aren't really adding a state this is just a way to reopen your return)

After you reopen your return, you should see print/save my documents icon. Select the icon, and then select 'Print/save/preview this year's return. If you don't see the icon, select My Account, then Print Center.

From your printing options drop down box, select All Forms. When the forms populate, scroll down to locate the state tax return cover sheet. The cover sheet will display your effective tax rate.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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3 Replies
PaulaM
Expert Alumni

Hi,I am in the 10% tax bracket & thought I would owe~$900 this year but it says I don't. Could ~$300 in student loan deducts. & the standard cancel out the tax burden?

The tax bracket that you are in is just the rate of taxes that would be computed at your income level. The effective tax rate (the rate you actually paid) can be much lower depending on the other details of your return, including your deductions and credits.

To see the effective tax rate of your return if you have already filed:

  • Sign in to your TurboTax Online account
  • Select My TurboTax, View My Tax Timeline
  • In the Some things you can do section, click 'Add a State' (you aren't really adding a state this is just a way to reopen your return)

After you reopen your return, you should see print/save my documents icon. Select the icon, and then select 'Print/save/preview this year's return. If you don't see the icon, select My Account, then Print Center.

From your printing options drop down box, select All Forms. When the forms populate, scroll down to locate the state tax return cover sheet. The cover sheet will display your effective tax rate.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
ipaytaxeswithblo
New Member

Hi,I am in the 10% tax bracket & thought I would owe~$900 this year but it says I don't. Could ~$300 in student loan deducts. & the standard cancel out the tax burden?

Paula, thank you!  I will try this.
PaulaM
Expert Alumni

Hi,I am in the 10% tax bracket & thought I would owe~$900 this year but it says I don't. Could ~$300 in student loan deducts. & the standard cancel out the tax burden?

You are welcome! 🙂
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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