What was your effective federal tax rate for 2018

1quick

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What percent of your gross income went to federal tax after you received your refund

My effective tax rate was 5.5% wife doesn’t work and I have 2 kids I took the standard deduction
 

boostedguy05

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well, your refund is what you over paid on your taxes, so not quite sure how you want us to figure that out.
 

1quick

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well, your refund is what you over paid on your taxes, so not quite sure how you want us to figure that out.
Take your federal tax amount subtract your return

Say you paid 10k your return was 5k and your gross income was 100k

Your effective tax rate is 5%
 

Ryan02Stang

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well, your refund is what you over paid on your taxes, so not quite sure how you want us to figure that out.
In order to calculate your refund, you'd have to already have calculated your overall tax liability. Just take your overall tax liability and divide by your gross income.
 

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importcrew

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So how are you guys getting to negative? Finding enough deductions to wash away all your income and then taking tax credits?

Friggen awesome by the way!
I wouldn't have negative if it wasn't for closing my wife's company down last year. She has a loss on the books which carries over to her return through the k1. That effectively put our taxable income extremely low, then all the deductions and credits.

But it comes at a price.... Our return has a higher degree of being flagged for audit or review. According to Turbotax, our ETR is -22.5% if I recall correctly. So this is basically a one time thing since we're no longer using her company.
 

boostedguy05

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So how are you guys getting to negative? Finding enough deductions to wash away all your income and then taking tax credits?

Friggen awesome by the way!
"low income" plus 3 kids = profit. wifes "business / job" 1099 was sub 8k income. and im sub 60k. and add in business deductions. turbo tax walked her through it i glanced it over. all looked good. submitted and approved.
 

N20GT

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15.2% in 2017. Looks like 2018 is shaping up to be about 14.5% despite us making much more than we did in 2017. Reason being is the new standard deduction is significantly higher than what we itemized last year and we get a $2k credit for having a kid

This is really sickening to review how much we pay in taxes
 

GLADIATOR

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15.2% in 2017. Looks like 2018 is shaping up to be about 14.5% despite us making much more than we did in 2017. Reason being is the new standard deduction is significantly higher than what we itemized last year and we get a $2k credit for having a kid

This is really sickening to review how much we pay in taxes


Playing the victim is easy
 

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