I don't know how useful this will be as there are so many variables.
Ours is 13.5%
I don't know your circumstances, but things that affect our federal effective rate include -
Only 85% of SS is taxed.
I'm a small business owner so get a substantial QBI deduction.
I'm a small business owner so get the self-employed health insurance deduction.
We've been doing around $90K in Roth conversions. Our effective rate would be lower without them.
We're both over 65, so our standard deduction is $3700 more than someone under 65.
My Illinois tax rate is low because our pension, social security, and Roth conversions are not taxable income.
Ours is 13.5%
I don't know your circumstances, but things that affect our federal effective rate include -
Only 85% of SS is taxed.
I'm a small business owner so get a substantial QBI deduction.
I'm a small business owner so get the self-employed health insurance deduction.
We've been doing around $90K in Roth conversions. Our effective rate would be lower without them.
We're both over 65, so our standard deduction is $3700 more than someone under 65.
My Illinois tax rate is low because our pension, social security, and Roth conversions are not taxable income.
Statistics: Posted by Artful Dodger — Sun Apr 21, 2024 5:26 pm — Replies 93 — Views 5506