MonikaK1
Employee Tax Expert

Get your taxes done using TurboTax

It depends. If all of the income you reported was subject to the capital gains rate instead of the regular income tax table, you could indeed have zero tax with the amount of taxable income you described.

 

The tax rate on most net capital gain is no higher than 15% for most individuals. Some or all net capital gain may be taxed at 0% if your taxable income is less than or equal to $41,675 for single and married filing separately, $83,350 for married filing jointly or qualifying surviving spouse or $55,800 for head of household. See here for more details from the IRS.

 

You can preview your entire return before filing to find out how your taxes were calculated. See here for details. 

 

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