Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jag998
New Member

My tax return shows a line 43 taxable income of 28569 but amount of tax due is 0. What is wrong?

The only thing different about this return is that I have a capital gain from the sale of a second home. The capital gain amount shown on line 13  is 30914.00.

1 Best answer

Accepted Solutions
ChristinaS
New Member

My tax return shows a line 43 taxable income of 28569 but amount of tax due is 0. What is wrong?

If a large part of your income is a long term capital gain, a 0% tax rate is possible. Its not likely that Turbo Tax is incorrectly calculating your tax. Are you done adding all of your income?

If you have qualified dividends or capital gains, your tax is not calculated using the tax tables.

Go to:

-Forms (top right)

-Form 1040 (should be at the top along the left).

-Scroll to look below line 44. It will indicate how your tax is calculated in the Tax Smart Worksheet.

The Qualified Dividends or Capital Gains Worksheet will be included in the list of your forms within desktop.

This is how your tax is calculated.

View solution in original post

1 Reply
ChristinaS
New Member

My tax return shows a line 43 taxable income of 28569 but amount of tax due is 0. What is wrong?

If a large part of your income is a long term capital gain, a 0% tax rate is possible. Its not likely that Turbo Tax is incorrectly calculating your tax. Are you done adding all of your income?

If you have qualified dividends or capital gains, your tax is not calculated using the tax tables.

Go to:

-Forms (top right)

-Form 1040 (should be at the top along the left).

-Scroll to look below line 44. It will indicate how your tax is calculated in the Tax Smart Worksheet.

The Qualified Dividends or Capital Gains Worksheet will be included in the list of your forms within desktop.

This is how your tax is calculated.

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v