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Gary221
Returning Member

AGI, Taxable income, and Total Tax

My AGI and Taxable income are significantly lower than last year (2023) but my Total Tax due this year (2024) is higher (by appx $2000). Also worth noting is that my Effective Tax Rate has also increased this year.

 

How is this possible? Does IRS have other variables besides AGI and Taxable Income that it considers when determining total tax due?

 

Thanks for your input!

 

 

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1 Reply

AGI, Taxable income, and Total Tax

Yes.  There are other kinds of tax.  Check 1040 line 23 and Schedule 2 for Additional Taxes.  Did you get any 1099NEC forms for self employment income?  There's a 15.3% SE tax on that.  

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