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Deductions & credits
You could determine what your marginal federal tax bracket is and apply that rate to the $60,000 to determine the probable increase in your tax due to the foreign income. Here is a link to the bracket tables: Federal tax brackets I'm assuming you have entered your other income in TurboTax. If you mean your total income is $60,000, you would subtract from the $60,000 a standard deduction of $27,700 in 2023 for married-filing joint to estimate your taxable income.
You'll need your taxable income to use in the tables, you will see that on line 15 of your Form 1040.
To view your form 1040 and schedule 1 to 3:
- Choose Tax Tools from your left menu bar in TurboTax Online
- Choose Tools
- Choose View Tax Summary
- See the Preview my 1040 option in the left menu bar and click on it
- Choose the Back option in the left menu bar when you are done
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March 6, 2024
8:20 PM