Blended tax rate will fluctuate based on income, but also based on how certain income is taxed.
- If you had Capital gains, a home business or other special taxes, they would be a factor.
- Also, tax credits are not deducted from the total tax for the calculation.
The Blended tax rate is calculated under Federal / Federal Review
- To access it, all questions must be answered in the Federal Review.
- At the end of the questions. Look at the bottom of the screen
- It will say Get a detailed view of your numbers
The Blended Tax rate is: 1040 Line 18 divided by Line 15
- Tax liability, Total Tax Line 18
- Including SE tax, capital gain and special taxes
- Taxable income, Line 15
- Total income minus deductions, but before credits
To compare Blended rates from previous years you will need that earlier tax returns.
You can see your current tax return b following these steps
From the left sidebar
- Select Tax tools
- Hint: You may have to minimize the Federal and State selections
- Click Tools
- A Menu will pop up
- Select View tax summary
- On the left panel click Preview my 1040
Some Key numbers:
- 11 Adjusted Gross Income
- 12 Deductions
- 15 Taxable income
- 16 Tax
- 19 Child Tax Credit
- 28 Additional Child Tax Credit
- 33 Withholdings
- 34 Refund
- 34 Underpayment
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