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New Member
posted Feb 15, 2024 12:47:23 PM

After inputs, I'm being taxed 24%, however, I'm married/filing jointly and our combined income does not equate to or fall within this tax bracket ($190,751 to $364,200.)

Based off the Adjusted gross income and Taxable income, gross income falls within the $89,451 to $190,750 range (22%) while Taxable income falls in the $22,001 to $89,450 (12%) range. I'm pretty naive when it comes to this, but neither numbers are within the 24% bracket, so curious as to why we're being taxed at 24%.

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1 Replies
Expert Alumni
Feb 15, 2024 1:00:05 PM

Take a look at this article to see how tax brackets work.   And not all income is taxed the same.  Some income is taxed at different rates (Qualified Dividends/Long-Term Capital Gains are taxed at a lower rate than ordinary income).  If you have any of the following included in your return, the tax table doesn't give you accurate results:  

 

  • Qualified Dividends and Capital Gain Tax Worksheet
  • Schedule D Tax Worksheet
  • Schedule J
  • Form 8615
  • Foreign Earned Income Tax Worksheet

 

The tax calculation can be found on the worksheet titled Form 1040/1040SR Wks.    The tax computation is on the Tax Smart Worksheet which is located between Line 15 and Line 16.   If A1 is checked, your tax liability came from the tax tables.   But if any other line has a checkmark, you will have to go to the corresponding worksheet to see the tax calculation.   In the example below, you would need to look at the Qualified Dividend/Capital Gains Wks to see how the tax was calculated.