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Money

Taxes Will be the Death of Me

Posted on 2014.03.31 at 15:00
Current Location: 67114
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I tried to get an appointment with a CPA to explain the results of my taxes with me (done in Turbo Tax), but the ones which will let me hire them without having prepared my taxes themselves won't see me until after the 15th.

Here's my concern:

My Gross Adjusted Income puts me below the 28% tax bracket, and my Taxable Income is 30% less than the Gross Adjusted, which means - if my tax is truly being levied against Taxable Income - I'm paying an insane 27.9% which is nearly double the bracket I was able to get myself into.

What am I missing?

Comments:


raingirl26
raingirl26 at 2014-04-04 22:18 (UTC) (Link)
take a deep breath - and i say that to myself also, i'm not done yet and i have an accountant - whom i'm not sure i like i had to change this year. because my old one retired- arrghhh.

now, why are you torturing yourself comparing "gross adjusted income" to "taxable income"? (and are you talking fed or state?) it's not unusual for states to add back into your income things that the feds let you deduct. that means that you can easily have two different numbers to be taxed on. is that possible where some of your confusion comes from?
ehowton
ehowton at 2014-04-05 18:14 (UTC) (Link)
Fed. Because if I were paying my total tax on GDI that might make more sense given the tax bracket, but if indeed I was paying on "Taxable Income" I was missing something, which turned out to be this: http://ehowton.livejournal.com/590659.html

Box 12(b) was entered as Box 12, code "B" rather than the appropriate response, "D" - it was just a typo. It was suggested I just go ahead and pay it - I'm glad my incomprehension stopped me from doing so!

Edited at 2014-04-05 06:14 pm (UTC)
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