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Updated almost 2 years ago on . Most recent reply
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Fed tax disparity between 2021 and 2022 based on taxable income
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?
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?
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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%.
- Basit Siddiqi
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Basit Siddiqi CPA
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