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Just tried in TurboTax. $300k income in CA has effective tax rate of 35%.
by zeroonetwothree 8y ago
Just tried in TurboTax. $300k income in CA has effective tax rate of 35%.
- dmode 8y agoI filed my taxes with TurboTax last year. Did you account for state tax deduction, mortgage deduction, property tax deduction, standard deduction, child tax credits, 401k deductions, charity deductions, and a myriad of other options ? There is no way for anyone to say what an accurate effective rate would be. Mine was 28% last year
- magnetic 8y agoThere are new rules that are not particularly advantageous for people making good money in CA due to the fact that CA has a fairly high state income tax rate and the new limits for the bucket of deductions it fits in. https://www.fidelity.com/viewpoints/personal-finance/how-has-tax-reform-changed-deductions https://www.fidelity.com/viewpoints/personal-finance/how-has... If you own a home in the Bay Area, chances are you hit the limit on your property taxes alone.
- periya 8y agoGuess the OP files taxes as married filing jointly. That could cause a dip in the effective tax rate.