A rate 175% would not be your final results since you indicate you are in a relatively same position as last year. If by chance you have any self employment tax this could also create a difference in the blended rate. The TurboTax Guarantee can be reviewed by clicking the link.
If your return is finished and this result remains the same you can always request that we review your return.
Please review the information below and update this post if your blended rate remains the same after it is final. Update here if you you would like to request a review.
The Basic:
The basic explanation is simple. However, it will fluctuate based on what is entered into your tax return. Until the tax return is completed that rate continues to change.
- Your blended tax rate is the amount of tax you pay (total tax liability) for the year, divided by your adjusted gross income (AGI).
The blended tax rate is calculated based on the IRS tax system which is commonly referred to as a graduated tax system.
- Refundable credits and additional taxes can have a positive and/or negative effect.
As noted by DoninGA in this thread (click here) the formula has variables based on your specific return.
@kmnharper
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