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Retirement tax questions
This would indicate TurboTax is calculating total tax of $57,400 which seems to fall with what is reasonable. If I assume you are not filing a joint tax return and are taking the standard deduction, this makes your effective tax rate around 26.5% on approximately $215,800.
Your income tax isn't a single rate, but a blended rate. With an assumed taxable income of $215,800 your highest marginal rate is 35%.
It's not possible with the information given to determine an exact tax calculation, but I can say that the amount seems reasonable given the facts.
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‎July 12, 2020
5:14 PM