How did you fair off this year on income taxes?

[tripods68]

How do you calculate your effective tax rate?

If you paid $18,258 on an income of $145,000, that works out to 12.59%. How did you arrive at 14.8%?

Our taxable is lower than $145K after deductions and tax credits. We were around $92K in taxable income.

[LivingAlmostLarge]

I think rough back of envelope we owe something like $7k. We converted about $60k from 401k to Roth IRA. Take advantage of the bracket. We did it in November because we had to figure out income and so we didn't make a payment we should have. Oh well.

[disneysteve]

I think it is based off of taxable income and not AGI. At least that is how my numbers are matching up.

Based on total income and total tax owed, my effective rate was 11%.

[corn18]

Based on total income and total tax owed, my effective rate was 11%.

My federal was 27% (total income / total federal tax).

My overall tax burden was 32.5% (total income / fed, state, local income tax)

[clatoden99]

I pay my fair share taking advantage of any and every deduction known and a few not generally known. I'm fine with the amount I pay.

[AJ444]

343 fed refund
37 owed to the state

That is the closest I have come in years on either and I had capital loss carry over along with increased dividends this year. After Turbo tax fee it is a net of about 200. I'm waiting until 4/15 to file in case I get another 1099 correction like last year.


Next year I may not have any capital loss carry over and dividends will increase substantially, I will likely owe.

[Fishindude77]

My CPA just got done, seems I over paid a bit on quarterly's, too much to feds, not enough to state. Getting approx $22,000 refund.