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tomtaxboy
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My taxable income is $66,000 and turbotax is tell me my tax is $859? This can not be right. How can I fix the problem.

 
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My taxable income is $66,000 and turbotax is tell me my tax is $859? This can not be right. How can I fix the problem.

Long term capital gains are taxed at a different rate (lower) than the income tax tables show....so its very possible that what you're seeing is correct.
This shows the capital gains brackets  http://www.schwab.com/public/schwab/nn/articles/Taxes-Whats-New
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

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5 Replies

My taxable income is $66,000 and turbotax is tell me my tax is $859? This can not be right. How can I fix the problem.

Is a large portion of it capital gains?
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
tomtaxboy
New Member

My taxable income is $66,000 and turbotax is tell me my tax is $859? This can not be right. How can I fix the problem.

yes

My taxable income is $66,000 and turbotax is tell me my tax is $859? This can not be right. How can I fix the problem.

Long term capital gains are taxed at a different rate (lower) than the income tax tables show....so its very possible that what you're seeing is correct.
This shows the capital gains brackets  http://www.schwab.com/public/schwab/nn/articles/Taxes-Whats-New
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
tomtaxboy
New Member

My taxable income is $66,000 and turbotax is tell me my tax is $859? This can not be right. How can I fix the problem.

Thanks I think that solves the problem.

My taxable income is $66,000 and turbotax is tell me my tax is $859? This can not be right. How can I fix the problem.

Youre welcome.
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
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