Solved: My taxable income is 69,675. On line 11, 1040, there is no tax calculated. Line 11a has a zero in it. I should owe at least 10%. ???????
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New Member

My taxable income is 69,675. On line 11, 1040, there is no tax calculated. Line 11a has a zero in it. I should owe at least 10%. ???????

 
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New Member

My taxable income is 69,675. On line 11, 1040, there is no tax calculated. Line 11a has a zero in it. I should owe at least 10%. ???????

your tax owed is based on what ends up on line 10 of the 1040. If that is 69,675 then you should review the steps you took during entering the information.

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New Member

My taxable income is 69,675. On line 11, 1040, there is no tax calculated. Line 11a has a zero in it. I should owe at least 10%. ???????

your tax owed is based on what ends up on line 10 of the 1040. If that is 69,675 then you should review the steps you took during entering the information.

View solution in original post

New Member

My taxable income is 69,675. On line 11, 1040, there is no tax calculated. Line 11a has a zero in it. I should owe at least 10%. ???????

what does that mean? I have reviewed the steps, that is why i'm asking the question. Is this a program flaw? TT should have calculated a number. Is there something wrong with the program?
New Member

My taxable income is 69,675. On line 11, 1040, there is no tax calculated. Line 11a has a zero in it. I should owe at least 10%. ???????

I had same problem!  I found another forum post which explained that if your income is predominantly or completely CAP.GAINS (and also below a certain level) you don't have to pay the tax that's show in the tax table.  I guess I never had this situation before so I imagined it might be a TT bug.  Apparently that's not true.  Behavior as designed.  Interesting.
New Member

My taxable income is 69,675. On line 11, 1040, there is no tax calculated. Line 11a has a zero in it. I should owe at least 10%. ???????

Yes, my income is all dividend income, so zero may be correct but I need an answer.  I tested it again and downloaded my data into a test return and it came out zero again. I filed an extension. I am going to check with a tax professional and the IRS before I push the submit button.
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