I filed a W2 and a K1. My W2 earnings 38k were taxed. My K1 income was 33,000 my turbo tax rate is 10.56%. Total earnings 80k. Is this correct?

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I filed a W2 and a K1. My W2 earnings 38k were taxed. My K1 income was 33,000 my turbo tax rate is 10.56%. Total earnings 80k. Is this correct?

Yes, this could definitely be an accurate "effective tax rate". Depending on filing status, adjustments and tax credits applied, effective rates can be much lower than listed tax brackets. Effective rates just look at total income and how much tax was charged.

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