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Level 2
posted Apr 4, 2020 12:05:32 PM

Crazy high blended tax rate — RESOLVED

I'm finishing my taxes, and something seems wrong. Total income is $93,093, deductions are $54,593, taxable income is $38, 500, blended tax rate is a whopping 61.3%, yielding a tax liability of $23,587.

 

Can anyone suggest what may have gone wrong, or explain why this would be correct?

 

It also shows me getting a refund of about $3,000 on my state return. 

0 2 3231
2 Replies
Employee Tax Expert
Apr 4, 2020 1:55:43 PM

Did you have by any chance have self-employment income? If yes you will have to pay self-employment tax, please look at Schedule 2 line 4.

 

To preview Schedule 2:

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left
  5. Scroll down to Schedule 2

Level 2
Apr 4, 2020 2:11:48 PM

Actually, the largest part of it turned out to be related to health insurance marketplace payments.

 

Thanks!