topic If I add $15920 of partnership and S-Corp rental income should my tax increase by $7360, 45%? in Business & farm

If I add $15920 of partnership and S-Corp rental income should my tax increase by $7360, 45%?

jgmusgrove — Tue, 04 Jun 2019 20:41:57 GMT

There are 4 K-1 forms, 2 with a loss and 2 with a gain. Entering each form causes the tax calculation to change by 44-46% of the reported profit or loss. Is this right?

That depends upon your marginal tax bracket, and whether...

SweetieJean — Tue, 04 Jun 2019 20:41:59 GMT

That depends upon your marginal tax bracket, and whether the income is also subject to approx 15% Self Employment taxes. Any increase in income can also lower deductions/credits.

My taxable income went from $550,000 to $565,000. Does th...

jgmusgrove — Tue, 04 Jun 2019 20:42:02 GMT

My taxable income went from $550,000 to $565,000. Does that put me in the highest bracket?

That's the 39.6% Federal bracket for 2017, plus the 0.9%...

SweetieJean — Tue, 04 Jun 2019 20:42:04 GMT

That's the 39.6% Federal bracket for 2017, plus the 0.9% Medicare surtax, plus the 3.8% Net Investment Income Tax.

Although it is my 2016 tax I am calculating I guess the n...

jgmusgrove — Tue, 04 Jun 2019 20:42:05 GMT

Although it is my 2016 tax I am calculating I guess the numbers are the same.

http://fairmark.com/general-taxation/reference-room/2016-tax-rate-schedules/">http://fairmark.com/general-taxation/reference-room/2016-tax-rate-schedules/</a>

https://www.irs.gov/newsroom/net-investment-income-tax-faqs">https://www.irs.gov/newsroom/net-investment-income-tax-faqs</a>
<a rel="nofollow" target="_blank" href="https://www.irs.gov/newsroom/what-you-should-know-about-the-additional-medicare-tax">https://www.irs.gov/newsroom/what-you-should-know-about-the-additional-medicare-tax</a>

Thank you very much for your answers and guidance.

jgmusgrove — Tue, 04 Jun 2019 20:42:09 GMT

Thank you very much for your answers and guidance.