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Retirement tax questions
The increase shown by TurboTax is almost certainly accurate. You are likely experiencing side effects of the increase in your AGI. A major one is the multiplying effect on your tax-bracket rate due to more of your Social Security income becoming taxable. It's also possible that there is a reduction in some kind of tax credit. To discover the exact cause you'll need to compare your entire Form 1040 with and without the additional $20k of income.
‎December 21, 2023
5:49 PM
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