Effective tax rate for 2016

3 replies
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where can i find the summary of my 2016 taxes and effective tax rate?

TurboTax Premier Online

Answer

To preview your 1040 tax return:

Click My Account (Top right of your screen)
Tools
View Tax Summary
Once your Tax Summary loads, click on Preview my 1040

On a form 1040, to get an estimate of your effective tax rate, divide line 63, total tax by line 37, adjusted gross income.

Anonymous

Answer

To preview your 1040 tax return:

Click My Account (Top right of your screen)
Tools
View Tax Summary
Once your Tax Summary loads, click on Preview my 1040

On a form 1040, to get an estimate of your effective tax rate, divide line 63, total tax by line 37, adjusted gross income.

connor-gants

Level 2

I would say that TurboTax could make its cover letter more clear about this. The effective tax rate in my TurboTax cover letter was "wrong" when I did the same calculation. I realized that the "effective tax rate" it was calculating excluded Other Taxes from line 62; it was based on line 56 only. That sort of makes sense -- my "Other Taxes" was additional payroll taxes, so unless it was going to add in withheld Medicare/SS taxes, to keep it apples-to-apples it makes sense to use "Effective [Income] Tax Rate." But the income-only tax amount is not shown on the cover letter. So from the numbers available to you there, it looks like TurboTax just botched the arithmetic.