Q. It is my understanding that since my taxable income (after deductions) is below $47,150 (2024), I do not owe any tax. I know this would be true if the income was from capital gains. What I am wondering is if the same applies when the income is from qualified dividends?
A. Yes. But, you are still required to file a federal (and probably state) income tax return because your total income is over $14,600 . Your tax will be calculated on the Qualified dividends and capital gains work sheet. Technically, that income is taxed at 0%. You will not qualify for the free edition of TurboTax.
