Anonymous
Post 04/08/2014 14:09     Subject: 2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
Anonymous wrote:
Anonymous wrote:300 to 500 is the must difficult income level. No benefits of the rich or the middle class. It's sometimes easier to just give up and go lower.

What benefits are you talking about?


Our deductions are phased out.
Anonymous
Post 04/08/2014 14:09     Subject: 2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
Anonymous wrote:300 to 500 is the must difficult income level. No benefits of the rich or the middle class. It's sometimes easier to just give up and go lower.


Yes. We are at 445 and got completely hosed.
Anonymous
Post 04/08/2014 14:08     Subject: Re:2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
We paid an effective rate of 31.2% - you're doing nothing wrong. We got robbed because we have no mortgage deduction.
Anonymous
Post 04/08/2014 13:59     Subject: 2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
That graphic doesn't make any sense to me. If you earn less than $30k your taxable rate is negative? No-one writes you a check if your income is less than $30k, how can it possibly be negative.
Anonymous
Post 04/08/2014 13:47     Subject: 2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
Anonymous wrote:300 to 500 is the must difficult income level. No benefits of the rich or the middle class. It's sometimes easier to just give up and go lower.

What benefits are you talking about?
Anonymous
Post 04/08/2014 13:46     Subject: 2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
300 to 500 is the must difficult income level. No benefits of the rich or the middle class. It's sometimes easier to just give up and go lower.
Anonymous
Post 04/08/2014 13:42     Subject: 2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
Anonymous wrote:It feels like those that are taxed the most are 300-500k people.

Yet that's not what the data indicates (on the chart, in this thread, or elsewhere).
Anonymous
Post 04/08/2014 13:37     Subject: 2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
It feels like those that are taxed the most are 300-500k people.
Anonymous
Post 04/08/2014 13:36     Subject: 2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
Ok great I feel better now, I thought our accountant sucked or I am missing something. Maybe a lot of people lie on DCUM.
Anonymous
Post 04/08/2014 13:33     Subject: Re:2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
We're at 35% for >$1M. (Much higher than the chart indicates or that most people believe happens at that HHI).
Anonymous
Post 04/08/2014 13:32     Subject: Re:2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
Probably AMT, and also the new high-income tax (funds Obamacare). Ask a financial advisor and they can help.
Anonymous
Post 04/08/2014 13:24     Subject: Re:2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
We're at 35% of our $450k income.

Can anyone help?
Anonymous
Post 04/08/2014 13:22     Subject: 2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
AMT is probably not allowing all of your deductions.
Anonymous
Post 04/08/2014 13:20     Subject: Re:2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
We are in exactly the same boat paying a out 33% on our $300k income.
Anonymous
Post 04/08/2014 13:08     Subject: 2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?
I don't get it. I am reading and getting examples from dcum that at 330 HHI Gross income the average effective tax rate should be 22% but we are consistently at 29%.

We have about 55k in deductions primarily from Mortgage interest and home offices and local taxes.

What do people do to get more deductions? We have a really low 3.3% interest rate on our mortgage so maybe that's the issue?

What is everybody doing to get these massive deductions.