Solved
I am converting $8000 from a traditional IRA to a roth IRA. I would expect my estimated return to go down by $2000 (25% my tax bracket) but it is going down by $2387?
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There are many deductions and credits that are based on your adjusted gross income. By increasing your AGI by $8,000, you have likely reduced some of those, such as the medical expense deduction, miscellaneous deductions, student loan interest deductions, EIC, CTC, etc. Too many to list here.
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