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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 6316
Experience:  IRS licensed Enrolled Agent and tax instructor
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Taxturbo uses their Blended Tax Rate to calculate individual

Customer Question

Taxturbo uses their Blended Tax Rate to calculate individual tax. Do you think it is alright?
JA: Have you talked to a tax professional about this?
Customer: no
JA: Anything else you want the Accountant to know before I connect you?
Customer: that is all.
Submitted: 7 days ago.
Category: Tax
Customer: replied 7 days ago.
TurboTax uses their Blended TaxRate to calculate individual tax return. Is it alright?
Expert:  emc011075 replied 7 days ago.

Hi. My name is Eva and I will be happy to help you.

What do you mean, "blended" Tax Rate?

Customer: replied 7 days ago.
That was what I don't understand. I did some google search and it looked like Turbo had no good answer.
Customer: replied 7 days ago.
No thanks.
Expert:  emc011075 replied 7 days ago.

Do you mean progressive?

Expert:  emc011075 replied 7 days ago.

Here are the tax brackets.

https://www.debt.org/tax/brackets/

 

If you are single, for instance, your first 9.700 of your taxable income will be taxed at 10%, income between 9.701 and 39,475 will be taxed at 12% and so on.

Being in 24% tax bracket, it does not mean that your entire taxable income is taxed at 24%. Some income will still be taxed at lower tax rates and certain capital gains are capped at 15% for instance.

Customer: replied 7 days ago.
I might just use other Tax Return software. Thank you.
Expert:  emc011075 replied 7 days ago.

You will probably get the same result. The tax tables are set by the IRS and all softwares must use the same calculation. You may be $1-2 f due the rounding.