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@chevybolt23 - $68k AGI less std deduction of $13k = taxable income of $55k which has a liability of around $7500
the $68k is gross income
use this website to estimate 2023:
Assuming there are no other deductions or adjustments, somewhere around 68,000. You can get the free program and just play around wih Box 1 income until you hit the perfect number.
The amount that you have withheld for taxes throughout the year has no bearing on the application of this credit. The credit is applied against your income tax liability, not your balance due. If you have too much withheld for taxes throughout the year, the credit will increase your refund to the extent that it can be used to reduce your income tax liability.
If your income tax liability will be less than $7,500, you increase your income tax liability by increasing taxable income. If you have money in a traditional IRA, a good way to do this is to do a Roth conversion, pulling taxable income forward from some future year.
Is that 68,000 gross or after standard deductions, ie: actual taxable income? Thanks!
@chevybolt23 - $68k AGI less std deduction of $13k = taxable income of $55k which has a liability of around $7500
the $68k is gross income
use this website to estimate 2023:
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