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Updated almost 2 years ago on . Most recent reply

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John Teachout
  • Rental Property Investor
  • Concord, GA
3,251
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3,505
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Fed tax disparity between 2021 and 2022 based on taxable income

John Teachout
  • Rental Property Investor
  • Concord, GA
Posted
I'm pulling my hair out over this years (2022) taxes. (turbotax)
I've worked through all the Federal taxes and in 2021 I had an AGI of $111387. My taxable income was $75202 and fed taxes were $3504.   For 2022 my AGI was $80047, taxable income was $46273 and fed taxes of $5004.
This makes no sense. AGI and taxable income way less and taxes way more? What's going on?

Most Popular Reply

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Basit Siddiqi
  • Accountant
  • New York, NY
3,686
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8,152
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Basit Siddiqi
  • Accountant
  • New York, NY
Replied
Quote from @John Teachout:
 My taxable income was $75202 and fed taxes were $3504.   

You are mentioning $3,504 of taxes based on $75,202 of taxable income which is 4.6%
The lowest tax bracket is 10%.
The only I can think this makes sense is if you had a lot of capital gains taxed at 0%.

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Basit Siddiqi CPA
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