Hi - When you say Margin Tax Rate, I've never heard that term used (I'm not a Tax Pro, I'm a reg guy!)..the term used in Tax Charts is "Taxable Income". When I look at my Taxable Income (line 15), mine says 76,713. So, looking at the Tax Chart, we are in the 12% Tax Bracket (right? - right). So, using the 12% Bracket Math ($2200 plus 12% of the amt over $22,000), for us that that's $54,713 (amt over 22K) x 12% = $6565.56+$2200 = $8765.56. Nowhere on TT does this figure show! Instead, Line 16 Tax shows $7669. I cannot for the life of me figure out how TT came up with that figure, based on the math I just above. Other's are saying it's way more complicated, it's using Cap Gains/Dividends.. we have alot of Cap Losses, form 8949 losses (from alot of Schwab trades, SIP sales, Trades I did, etc), a home energy credit, etc. Alot of forms from all of our Schwab accts.
I am spent trying to figure this out. It simply shouldn't be this hard for a guy like me to figure out a simple Federal Tax rate, looking at his TT Return. I am done, spent. Thank you all for your inputs!
