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January 22, 2025
Question

Can my blended tax rate for this year really be 75.3%? I am self-employed and have no uncommon situations. How could I be liable for that much?

  • January 22, 2025
  • 1 reply
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I have a taxable income of $14,708. And my tax rate is showing 75.3%.

    1 reply

    January 22, 2025

    No it is not really true that you paid 75.3% tax.  Blended tax rate is an accounting term that is used in TurboTax and causes a lot of confusion.  I wish it would just go away.

    January 22, 2025

    It looks that way to me. I attached a screenshot. It is showing my tax liability at that percentage of taxable income. My taxes due are less because of credits I have.
    screenshot turbotax.jpg

     

    January 22, 2025

    We cannot see your screen shot.