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Retirement tax questions
I’m actually nowhere near that income. I did figure out a few things though. Apparently this year they are putting your total tax liability and THEN subtracting the credits a few lines later. So our liability only went up about $1200 instead of doubled. The reason for this (from my understanding of what my CPA friend told me) is that in the 12% tax bracket last year they weren’t taxing the first $19k of your income, this year that number changed to $9700, so they are affectively taxing almost $10k more of your income without “increasing” taxes.
April 26, 2020
8:18 PM