Income Tax Waterfall - 2023

Tax Year: 2023 | Filing Status: Married Filing Jointly

Generated: August 26, 2025 | Source: Form 1040 - 2023

$270,000$1,000$20,000$3,500-$3,000$300$291,800-$500$291,300-$27,700$263,600$2,200$8,094$22,286$17,484$50,063-$1,000-$500-$577$180$653$48,444$0$50,000$100,000$150,000$200,000$250,000$300,000Total TaxNet Invest. TaxAdd. Medicare TaxClean Energy CreditForeign tax creditChild/Other Dep. CreditTax Before CreditsTax at 24% ($190,750 - $364,200)Tax at 22% ($89,450 - $190,750)Tax at 12% ($22,000 - $89,450)Tax at 10% ($0 - $22,000)Taxable IncomeStandard deductionAdjusted Gross IncomeHSA DeductionGross IncomeAdditional income (Schedule 1)Capital gain or (loss)Taxable amount of pensions and a...Ordinary dividendsTaxable interestWages, salaries, tips
Amount (USD)

Gross Income

ComponentAmount
Wages, salaries, tips$270,000
Taxable interest$1,000
Ordinary dividends$20,000
Taxable amount of pensions and annuities$3,500
Capital gain or (loss)-$3,000
Additional income (Schedule 1)$300
Total Gross Income$291,800

Adjustments to Income

ComponentAmount
Health savings account deduction-$500
Total Adjustments-$500
Adjusted Gross Income (AGI): $291,300

Deductions

ComponentAmount
Standard deduction-$27,700
Total Deductions-$27,700
Taxable Income: $263,600

Tax Calculation (Brackets/Types)

ComponentAmount
Portion of Taxable Income in 10% bracket ($0 - $22,000)$2,200
Portion of Taxable Income in 12% bracket ($22,000 - $89,450)$8,094
Portion of Taxable Income in 22% bracket ($89,450 - $190,750)$22,286
Portion of Taxable Income in 24% bracket ($190,750 - $364,200)$17,484
Tax Before Credits$50,063

Tax Credits

ComponentAmount
Child tax credit or credit for other dependents-$1,000
Foreign tax credit-$500
Residential clean energy credit-$577
Total Tax Credits-$2,077

Other Taxes

ComponentAmount
Additional Medicare Tax$180
Net investment income tax$653
Total Other Taxes$864
Total Tax: $48,444

Notes & Flags

  • Calculated tax before credits ($50064.00) differs from document value ($50063.00) on Form 1040 Line 16 by $1.00.
  • Total other taxes on Form 1040 Line 23 ($864.00) differs from sum of explicit other tax items on Schedule 2 Line 21 ($833.00) by $31.00. Document value used for total.
  • Calculated total tax ($48850.00 = Tax before credits - Total credits + Total other taxes) differs from document value ($48444.00) on Form 1040 Line 24 by $406.00. Document value used for total.