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Blended Tax Rate 59%??
Hi. I have been using Turbotax for a decade and I have been loving it, however, I came across with this issue this year. I am a single parent, a head of household, and a self-employed and use the standard deduction for Tax 2020. My total income was around 35,000, and the taxable income became around 10,000 after the deduction. Then It says my blended tax rate is 59%. So I owe about $6, 000. It's ok to pay as long as it makes sense, but I do not understand, I do not see anyone with this rate being so high. Would someone explain to me please? Or at least I want to know if it is possible. Thank you!
‎February 27, 2021
2:03 PM