I went into another Tax bracket and I need help?

Question

I did my taxes for the year and I know I had to pay 308 but when I put in my intrest of 4,000 from my accounts and ect it brought me into a higher bracket. Is there a way that I can get back to that 308 again? Please help.

Joe

Answer 1

Look to see if you claimed all of your deductions. Did you have any capital losses?

Another way to drop brackets is to put enough money into a IRA to drop you into the lower bracket. You have until the filing deadline to contribute to the IRA and still be able to count it towards last years taxes.

I hope this helps.