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I filed my taxes with TurboTax last year. Did you account for state tax deduction, mortgage deduction, property tax deduction, standard deduction, child tax cre
by dmode 8y ago
I 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.