Announcement

Collapse
No announcement yet.

Taxes Filed. What is your effective tax rate?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Taxes Filed. What is your effective tax rate?

    Google tells me that the average effective tax rate for all US households was 18.1% in 2010.

     

    Are you around average or much more?

     

    I have to commend WCI again for alerting me to the tax-advantaged spaces that are available.

    [poll id="72"]

    [poll id="73"]

  • #2
    I'll be well over average this year but have been below average as an attending a number of times. Can't complain too much, it's a first world problem. I think I was 23-24% last year but expect to hit 30% this year.
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

    Comment


    • #3
      I am provisionally finished. Anything I add will be for record purposes and not change much now (like student loan interest). Looks like 29% this year. Depending on how this year goes I may open up a pension plan to make it a little better in the tax deferred space. Was 23ish I think last year.

      Comment


      • #4
        Just wrapped up, TurboTax says -2.74%. Probably the last year my family will have a negative tax rate. That's from the first six months of internship, plus paper losses from a rental house and our relocation expenses. Next year the rental should generate a positive taxable income, and our taxable income will double now that I'm back to part time work.

        Comment


        • #5
          You should be able to depreciate any taxable gain on the property so its a net zero or better.

          Comment


          • #6
            Stupid question:  when you calculate the effective tax rate, are you including or excluding the money that you put away pre-tax for retirement?

             

            Anyway, the past couple of years, after passing a certain income threshold, I am above the 30% mark.  But can't complain about it.  Still plenty left and it's better than 40%+ that some of my friends are paying with high earning W2 jobs only.

            Comment


            • #7
              I use gross, and assume this is what turbo tax does as well (quick head calc agrees). On turbotax the first page or the summary will give you your effective rate.

              Comment


              • #8
                I haven't filed this year, but last year it was around 32% with a high state income tax.

                I look forward to paying 0% when I decide to hang it up.  Don't worry, I will have paid "my fair share".

                Comment


                • #9
                  35% as a high earning w2

                  Nice problem to have I guess but it still hurts to see that kind of money flying out the door

                  Comment


                  • #10
                    We're right around 12% of gross. But then, we're still 'low income' compared to an attending.

                    Comment


                    • #11
                      18.2% here. marginal 28%, filing jointly.

                       

                      Comment


                      • #12




                        I am provisionally finished. Anything I add will be for record purposes and not change much now (like student loan interest). Looks like 29% this year.
                        Click to expand...


                        Regarding the above statement: do we NEED to enter in all the student loan interest we pay, even if you are certain it doesn't give a deduction?  It was my small protest to not bother entering the 6 different forms b/c I know they don't save me a penny!

                        Comment


                        • #13
                          I dont think so, theres no penalty for not claiming deductions and if it made a difference the government would thank you. This year I just want to see the grand total for morbid curiosity.

                          Comment


                          • #14
                            Sadly I hover at about 28% effective tax rate despite maximizing my and spouse's 401k/PSP, HSA, and even some into defined benefit plan.

                            I'm hopping this improves with tax reform under a GOP administration.  Most plans would help us tremendously, as well as helping out with corporate taxes for those in private practice.  I just read Rubio's tax plan though and shockingly his simplified 15/35% plan may actually hurt many of us.

                            Comment


                            • #15
                              I hadn't looked at the Rubio plan, but here it is.  He actually did quite a bit better than expected in Iowa.

                              The 35% doesn't hit until $300,000 for joint filers, and interest, capital gains, and dividends aren't taxed.  I could live with this plan.

                              Of course, all that tax loss harvesting would have been for naught.

                              Comment

                              Working...
                              X