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Investors & landlords
I have gotten all of the information entered as you told me to do. Now I have a new issue.
I am seeing a “zero” for the tax that is due with a total income of 80,206. I did some searching at TT to try to find out why this is happening and the Question and Answered solution that I found for this issue is this one I copied and pasted below:
"TT not calculating tax correctly from taxable income”
“My problem is maddeningly simple. According to TT, our taxable income after all deductions and exemptions is $33,230. According to the IRS tax table, for a married couple filing jointly the tax should be $3,599.
TurboTax tells me that our tax due based on our taxable income is ZERO. While I would be happy to pay no tax, I am very uncomfortable with this obviously incorrect outcome. Help!"
Their answer was: "Did you enter any qualified dividends or capital gains on your tax return? If so, the tax tables are Not used. The Qualified Dividends and Capital Gains Worksheet is used to calculate your tax liability, if any."
This answer fixed the other persons issue, but not mine. So my problem at this point is I need to pay 15% capital gains tax on the proceeds of the sale of the second home, but when I try to enter it manually (because TT does not calculate it for me) I tried to click on the box to enter it, but TT will not let me. I assume that is because it is supposed to flow from a Form? I do have the TT Form Qualified Dividends and Capital Gains Worksheet that is referenced above filled out. On line 25 of that form it has "zero" for the "Tax on all taxable income". The other forms are Schedule D, and Form 8949. Any ideas what could be wrong. I have reviewed everything multiple times and cannot figure this out. Thanks, we really appreciate your help!