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Effective Tax Rate on Tax History Report

Exactly what line items does TT use to calculate the effective tax rate % as shown on the Tax History Report?

 

I have used different combinations of Tax, Tax +Total Credits, Tax+Total Credits+Other Taxes.

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2 Replies
TomK2023
Expert Alumni

Effective Tax Rate on Tax History Report

Two ways to determine your effective tax rate are to:

 

1). Divide your tax liability (what you owe) by your AGI  (i.e. gross income before deductions).  (Line 24 / Line 11 of your 1040)

 

Or...

 

2). Divide your tax liability (what you owe) by your Total Tax.  (Line 24 / Line 15 on your 1040)

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Effective Tax Rate on Tax History Report

I did.  

 

and it isn't correct.

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