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High tax burden on savings account interest 1099-INT.
I made an interest of $1172 on my savings account. After entering this data from the 1099-INT my federal tax burden increased by $619 (52% of interest) and $52 ( 4% of interest) increase on my state tax burden.
Is this correct or is TT miscalculating my taxes? I am paying almost 60% of the interest I made in taxes when my tax bracket is 37%
‎February 23, 2023
11:53 AM