| Tax Rate | Single filers | Married filing jointly or qualifying widow(er) |
|---|---|---|
| 10% | $0 to $9,950 | $0 to $19,900 |
| 12% | $9,951 to $40,525 | $19,901 to $81,050 |
| 22% | $40,526 to $86,375 | $81,051 to $172,750 |
| 24% | $86,376 to $164,925 | $172,751 to $329,850 |
You can also use TurboTax Tax Bracket Calculator:
https://turbotax.intuit.com/tax-tools/calculators/tax-bracket/
@ogrady81012 - most people mean their 'ordinary income' when they ask about 'tax bracket'. so take your 2021 tax return and take Line 15 LESS line 3a and line 7.... then look up that resulting number on the chart that @bluedeb posted. THAT is your 'tax bracket'
(lines 3a and Line 7 are taxed at a different rate)
I’m expecting a lump sum of an annuity I opened 10 years ago; not sure of the amount yet; but I’d like to know approximately how much of the total would be taken out for taxes. I’m not sure of my ‘tax bracket’ but from what I’ve read - it’s 12% - but Id like someone from Turbotax to confirm that.
This chart tells me it is 12%. I also need to know my state tax bracket. Who can I contact at Turbotax to confirm what it is? Then my financial planner can help me figure this out! Thank you
Filed Single
12% $9,951 to $40,525 $19,901 to $81,050
22% $40,526 to $86,375 $81,051 to $172,750
24% $86,376 to $164,925 $172,751 to $329,850
Let's just say that I was getting 35,000. Based on the above, how much would be taken out for taxes??
@trudijane - if you earn $35,000 then subtract the standard deduction of $12950, leaving $22,050 of taxable income; that means you are in the 12% tax bracket. So the income value of the annuity will be taxes at 12% on the first ($40,525 - $22,050) and then any additional income will be taxed at 22% for the nexst bracket, etc.
you can look up your state tax bracket on the state's revenue website. just google it. Be sure to reduce the state's standard deduction (different than federal) before determining the tax bracket.
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sorry - I read that you earned $35k in income the first time... what is your income without the annunity? but I hope what I wrote above shows you how to figure this out.. if not, post back with your income excluding the $35k annunity income.
@trudijane wrote:
I’m expecting a lump sum of an annuity I opened 10 years ago; not sure of the amount yet; but I’d like to know approximately how much of the total would be taken out for taxes. I’m not sure of my ‘tax bracket’ but from what I’ve read - it’s 12% - but Id like someone from Turbotax to confirm that.
This chart tells me it is 12%. I also need to know my state tax bracket. Who can I contact at Turbotax to confirm what it is? Then my financial planner can help me figure this out! Thank you
Filed Single
12% $9,951 to $40,525 $19,901 to $81,050
22% $40,526 to $86,375 $81,051 to $172,750
24% $86,376 to $164,925 $172,751 to $329,850
Let's just say that I was getting 35,000. Based on the above, how much would be taken out for taxes??
See this TurboTax website for tax brackets and how to calculate the taxes on your taxable income - https://turbotax.intuit.com/tax-tips/irs-tax-return/what-is-my-tax-bracket/L3Dtkab8G
Go to your state tax authority website for state tax brackets.