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2019 Effective Federal income tax rate
Old 07-09-2020, 08:21 PM   #1
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2019 Effective Federal income tax rate

I was pleasantly surprised at my effective tax rate of 6.08% on my 2019 federal taxes. I had about $57k of dividends taxed at 0%. This is the lowest effective tax rate I can ever recall paying. We had enough deductions to itemize again this year, so that helped a lot.
Anyone else care to share?
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Old 07-09-2020, 08:58 PM   #2
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6.82%.... but only $14k of qualified dividends and LTCG.... std deduction.

ETA: 12% marginal rate.
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Old 07-09-2020, 09:51 PM   #3
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Old 07-09-2020, 11:58 PM   #4
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42% eff tax rate
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Old 07-10-2020, 12:07 AM   #5
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42% eff tax rate
I have bad news for you, itís probably only going to go up after next election.

P.S. I liked your rendition of national anthem.
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Old 07-10-2020, 12:36 AM   #6
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I have bad news for you, itís probably only going to go up after next election.
I am googling tax dodging more and more nowadays.
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Old 07-10-2020, 02:42 AM   #7
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42% eff tax rate


Ouch! That had to hurt! The worst case for us in our w*rking days was ~35%.
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Old 07-10-2020, 04:41 AM   #8
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Quote:
Originally Posted by LadyGaga View Post
42% eff tax rate
Quote:
Originally Posted by teejayevans View Post
I have bad news for you, itís probably only going to go up after next election.

P.S. I liked your rendition of national anthem.
Quote:
Originally Posted by LadyGaga View Post
I am googling tax dodging more and more nowadays.
Quote:
Originally Posted by Dash man View Post
Ouch! That had to hurt! The worst case for us in our w*rking days was ~35%.
Why ruin the thread with fake news political commentary?
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Old 07-10-2020, 04:58 AM   #9
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Quote:
Originally Posted by Dash man View Post
I was pleasantly surprised at my effective tax rate of 6.08% on my 2019 federal taxes. I had about $57k of dividends taxed at 0%. This is the lowest effective tax rate I can ever recall paying. We had enough deductions to itemize again this year, so that helped a lot.
Anyone else care to share?
These are from TurboTax Hostory Report (which may be off as I've hear recently:
2015, 9.99 (15%)
2016, 12.53 (25%)
2017, 11.33 (25%)
2018, 11.19 (22%)
2019, 8.54 (22%)

Those five years sure were interesting...in 2019 my income dropped to part-time and that had an obvious effect.
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Old 07-10-2020, 05:20 AM   #10
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Old 07-10-2020, 05:30 AM   #11
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6.3% including maxing out the 12% bracket with a Roth conversion.
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Old 07-10-2020, 06:08 AM   #12
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Old 07-10-2020, 06:11 AM   #13
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6.8% effective federal tax rate.
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Old 07-10-2020, 06:14 AM   #14
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Old 07-10-2020, 06:20 AM   #15
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5.8% also maxing out the 12% bracket with Roth conversions
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Old 07-10-2020, 06:29 AM   #16
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0% federal.
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Old 07-10-2020, 07:01 AM   #17
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25% state and Federal income tax - self employment tax on my part time consulting gig is a killer.

Add in property tax and sales tax and it is north of 30%. I'm sure OP means "effective INCOME tax rate" but that is hardly the whole taxation story.
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Old 07-10-2020, 08:16 AM   #18
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20.13% effective Federal tax rate for 2019. Somebody has to pay the bill to keep the lights burning.
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Old 07-10-2020, 09:11 AM   #19
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2.8% effective tax rate for Federal Income Tax. Unfortunately, I have a 42% effective tax rate for Property Tax.
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Old 07-10-2020, 09:16 AM   #20
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Quote:
Originally Posted by USGrant1962 View Post
25% state and Federal income tax - self employment tax on my part time consulting gig is a killer.



Add in property tax and sales tax and it is north of 30%. I'm sure OP means "effective INCOME tax rate" but that is hardly the whole taxation story.


Yes, I specified Federal tax, meaning Federal Income tax.
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