Why did my refund drop $12 on $15.41 of interest in TurboTax Premier 2016 from my bank's 1099-INT form? 78% interest income tax? Did this push me into a higher tax level?

yeakelme — Tue, 04 Jun 2019 20:37:59 GMT

The tax table is not actually a straight percentage. It...

AnthonyC — Tue, 04 Jun 2019 20:38:01 GMT

The tax table is not actually a straight percentage. It moves in $50 increments, so the $12 tax jump was likely a result of being moved into the next $50 increment. It will probably make the most sense if you take a look at the link below and the tax table for your income level. You will see $12 increases in tax due for every $50 of income at certain income levels/filing statuses.

https://www.irs.gov/pub/irs-pdf/i1040tt.pdf

topic Why did my refund drop $12 on $15.41 of interest in TurboTax Premier 2016 from my bank's 1099-INT form? 78% interest income tax? Did this push me into a higher tax level? in Get your taxes done using TurboTax

Why did my refund drop $12 on $15.41 of interest in TurboTax Premier 2016 from my bank's 1099-INT form? 78% interest income tax? Did this push me into a higher tax level?

The tax table is not actually a straight percentage. It...