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2019 Effective Federal income tax rate
07-09-2020, 08:21 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2013
Location: Limerick
Posts: 5,633
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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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07-09-2020, 08:58 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
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6.82%.... but only $14k of qualified dividends and LTCG.... std deduction.
ETA: 12% marginal rate.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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07-09-2020, 09:51 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Posts: 1,659
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2.3% Effective
24.5% Marginal
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07-09-2020, 11:58 PM
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#4
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Confused about dryer sheets
Join Date: Jul 2020
Posts: 3
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42% eff tax rate
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07-10-2020, 12:07 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 1,691
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I have bad news for you, it’s probably only going to go up after next election.
P.S. I liked your rendition of national anthem.
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07-10-2020, 12:36 AM
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#6
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Confused about dryer sheets
Join Date: Jul 2020
Posts: 3
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I am googling tax dodging more and more nowadays.
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07-10-2020, 02:42 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2013
Location: Limerick
Posts: 5,633
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Ouch! That had to hurt! The worst case for us in our w*rking days was ~35%.
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07-10-2020, 04:41 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,669
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Quote:
Originally Posted by teejayevans
I have bad news for you, it’s probably only going to go up after next election.
P.S. I liked your rendition of national anthem.
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Quote:
Originally Posted by Dash man
Ouch! That had to hurt! The worst case for us in our w*rking days was ~35%.
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Why ruin the thread with fake news political commentary?
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07-10-2020, 04:58 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,669
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Quote:
Originally Posted by Dash man
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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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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07-10-2020, 05:20 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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4% Effective
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07-10-2020, 05:30 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: The Beautiful Blue Ridge Mountains
Posts: 2,778
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6.3% including maxing out the 12% bracket with a Roth conversion.
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07-10-2020, 06:08 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2003
Location: Florida's First Coast
Posts: 7,654
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7.32% Effective.
__________________
"Never Argue With a Fool, Onlookers May Not Be Able To Tell the Difference." - Mark Twain
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07-10-2020, 06:11 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Oct 2010
Posts: 1,211
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6.8% effective federal tax rate.
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07-10-2020, 06:14 AM
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#14
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,021
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8.76% Effective.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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07-10-2020, 06:20 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,891
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5.8% also maxing out the 12% bracket with Roth conversions
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
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07-10-2020, 06:29 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,184
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0% federal.
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07-10-2020, 07:01 AM
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#17
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Thinks s/he gets paid by the post
Join Date: Dec 2016
Location: DC area
Posts: 2,464
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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.
__________________
FI and Semi-ER March 24, 2017
Consulting to stay engaged
"All models are wrong, some are useful." - George Box
“There is always a well-known solution to every human problem: neat, plausible, and wrong.” - H.L. Mencken
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07-10-2020, 08:16 AM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,271
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20.13% effective Federal tax rate for 2019. Somebody has to pay the bill to keep the lights burning.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
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07-10-2020, 09:11 AM
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#19
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Full time employment: Posting here.
Join Date: Apr 2011
Location: Castro Valley
Posts: 788
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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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07-10-2020, 09:16 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2013
Location: Limerick
Posts: 5,633
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Quote:
Originally Posted by USGrant1962
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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Yes, I specified Federal tax, meaning Federal Income tax.
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