@JohnB5677 wrote:
To calculate your individual effective tax rate.
- Take your total tax on line 24 of Form 1040
- Divided by
- By your taxable income line 15 of form 1040
That's what I did. But it does not match the "Effective Tax Rate" TT shows on the summary page. It differs buy about 2.5%.
My question is how does TT calculate it. Apparently not like this.
It does not say "Blended Tax Rate" and it is not in the section where you described the Blended Tax Rate is found. It was on the simple summary page provided with the return and called "Effective Tax Rate." But it doesn't seem to be correct. It does not equal line 24 divided by line 15 on the 1040.
