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February 14, 2020
Question

I got to the end of filing my turbotax e-file for 2019 and it informed me that I owed over 16,000 in taxes because it put me in the 69% tax bracket, income 59,844. Why???

  • February 14, 2020
  • 2 replies
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2 replies

Critter
Employee
February 14, 2020

There is no such thing as a 69% tax bracket ... I am sure you are misunderstanding the summary screen ... please review the actual return and verify you entered in the correct information.  Sometimes you enter in a comma for a decimal point which will mess things up. 

 

 

You can peek at only  the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

 

 

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

 

To pay the TurboTax online account fees by credit card, without completing the 2018 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.

 

VolvoGirl
Employee
February 14, 2020

Yes don't pay much attention to the summary or review screens.  Look at the actual 1040.  What's on lines 12a & 12b and lines 20-24?

DawnC
Employee
February 14, 2020

There is no 69% tax bracket.  Do you mean 'effective' tax rate?  For the tax year 2019, the top rate is 37 percent for individual single taxpayers with incomes greater than $510,300 ($612,350 for married couples filing jointly). The other rates are:
 

  • 35 percent, for incomes over $204,100 ($408,200 for married couples filing jointly);
  • 32 percent for incomes over $160,725 ($321,450 for married couples filing jointly);
  • 24 percent for incomes over $84,200 ($168,400 for married couples filing jointly);
  • 22 percent for incomes over $39,475 ($78,950 for married couples filing jointly);
  • 12 percent for incomes over $9,700 ($19,400 for married couples filing jointly).
  • The lowest rate is 10 percent for incomes of single individuals with incomes of $9,700 or less ($19,400 for married couples filing jointly).
     
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