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Retirement tax questions
Your tax depends on your total income. If your grant pushed up your total tax rate, the withholding on the grant may not be enough to cover the tax due.
As for your state, I can't tell you what's happening without knowing what state you lived in. Some states have a flat tax. Other states have a graduated system like the federal government where the tax goes up with income.
If you ae in a flat tax state, your withholding (5%) should cover the grant income. If you are in a graduated tax state, it may not. The tax rate on the grant (11%) seems high for any state.
Check your state tax summary to make sure TurboTax included the state withholding.
In TurboTax online:
- Select Tax Tools in the left column
- Then Tools
- Select View Tax Summary in the center box
- Select (State) Tax Summary in the left column
- Verify the state withholding is included in Total payments
- Select Back when you are done
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‎February 19, 2022
1:46 PM