turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Why is my blended tax rate 35.8% when my married filing-jointly taxable income is only $146,000

TT claims that my wife and I owed a total $52,422 on only $146k of taxable income. And TT customer service wants me to pay $200 for assistance......
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MonikaK1
Expert Alumni

Why is my blended tax rate 35.8% when my married filing-jointly taxable income is only $146,000

There may be several reasons that your total Federal tax liability doesn't match the tax tables.

 

A blended tax rate, also known as the effective tax rate, is derived from a number of factors. The effective tax rate for individuals is the average rate at which their earned income, such as wages, and unearned income, such as stock dividends, are taxed. If you received income from a variety of things like stocks and bonds, interest, dividends, or self-employment, they may all play a role in determining your blended tax rate. See this thread for another discussion of this issue.

 

For Federal income taxes, the tax rate brackets for 2024 are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. To see how the tax brackets apply to you for this year, and for a tool to determine your marginal (the highest part of your income) tax rate, see here.

 

Also, note that taxes are often calculated using a different method than the tax tables. For example, if you have capital gains, the tax on those is calculated at the capital gain rate for your income level. If you are self-employed, you may have self-employment taxes in addition to income taxes.

 

See this help article for more information.

 

Check your return to confirm whether your withholding was entered correctly. 

 

If you took an early distribution from a retirement account, there could be an additional 10% tax on the distribution.

 

You can preview your return before filing to find out how your taxes were calculated. See here for details. 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question