ThomasM125
Expert Alumni

Retirement tax questions

Line 16 on your 2023 form 1040 is your federal income tax. So I don't know why you are asking at what rate it should be taxed. 

 

Your taxable income is taxed at several rates. If you are married filing joint, the first $22,000 is taxed at 10%, the next $67,450 at 12%, the next $101,300 at 22%. The amount on line 15 of your form 1040 would be your taxable income on which these rates would be applied in most instances. You may have capital gain income that could be taxed at lower rates or other taxes such as an investment income tax that would affect your income tax as well.

 

I suggest you apply the graduated tax rates to the amount on line 15 of your form 1040 and add your self-employment tax and any other taxes on lines 17 to 23 of your form 1040 to better understand how your tax is being calculated.

 

 

 

 

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