Question

KS state taxes

Forum|Forum|6 years ago
March 19, 2020
1 reply
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I cashed in US savings Bonds resulting in $5000 dividends. However the net change in taxes was $700 Fed and $1500 KS State. this is over 40% tax on these dividends. How is this possible???

GiseleD

This extra income may have caused you to be phased out of certain deductions and credits that would have otherwise reduced your tax liability. One way to determine how this change affected you is to print out your returns WITHOUT the addition of the bonds, and then print them out WITH the addition of the bonds. This will allow you to do a line-by-line comparison.

Here's how to print:

Open or continue your return.
Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
With the Tax Tools menu open, you can then:

Select Print Center and then Print, Save, or Preview This Year's Return to preview your entire return, including all forms and worksheets (you may be asked to register or pay first).

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