Solved: 22% or 12%? Have Foreign income and social security/US pension income. TurboTax calculates $14,000 taxable income and subject to 22% tax rate and not 12%. Why?
22% or 12%? Have Foreign income and social security/US pension income. TurboTax calculates $14,000 taxable income and subject to 22% tax rate and not 12%. Why?
I am 67 married filing jointly living in UK both of us working and receiving SS. I am receiving annual payments from my pension. I don't understand how my tax was computed. The tax table say 12% but TurboTax calculated 22%. What am I missing?
22% or 12%? Have Foreign income and social security/US pension income. TurboTax calculates $14,000 taxable income and subject to 22% tax rate and not 12%. Why?
What are you missing ? The fact that the non excluded income is not taxed in a bubble ... the foreign income is used to compute the taxes as if it was not excluded.
22% or 12%? Have Foreign income and social security/US pension income. TurboTax calculates $14,000 taxable income and subject to 22% tax rate and not 12%. Why?
What are you missing ? The fact that the non excluded income is not taxed in a bubble ... the foreign income is used to compute the taxes as if it was not excluded.
22% or 12%? Have Foreign income and social security/US pension income. TurboTax calculates $14,000 taxable income and subject to 22% tax rate and not 12%. Why?
Good answer, where is this in the IRS documentation?
22% or 12%? Have Foreign income and social security/US pension income. TurboTax calculates $14,000 taxable income and subject to 22% tax rate and not 12%. Why?
Form 2555 and the corresponding worksheet ... switch to the FORMS mode to see that calculation.
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