Hi all,
I was reviewing my return and noticed that on the "Tax History Report" page, I don't believe the "tax bracket %" line is calculating correctly. It seems to be assuming that all of my income is ordinary (and that I don't have any LT cap gain income). The tax bracket percentage gives which ordinary income bracket I fall under purely based on AGI less my standard deduction (to get to my "taxable income"). My "Taxable income" per this page INCLUDES long term cap gain income and so I don't believe the percentage it displays for my marginal tax bracket on this page is accurate. Can someone confirm this for me?
Thanks SO much for any help you can provide!
Anthony
Realize this is an old post; but I noticed this same situation this year.
While I'm not going to call TT support; I would agree with the OP that these tax rates specified are incorrect; at least if one has some significant amount of LTCG. I would also guess that is why it is called out as "** Tax Bracket" and the ** footnote simply indicates bracket is based upon taxable income (versus the real tax bracket).