zero taxable income

Forum|Forum|2 years ago
September 23, 2023
2 replies
13 views

My only income is social security and required minimum withdrawals from IRAs. No early withdrawals. No self employment. My expenses far exceed income, primarily due to nursing care for activities of daily living. Turbo tax shows I have zero taxable income but says I owe over $2000. How can this be?

Critter-3

Level 15

Click on TOOLS then PRINT CENTER and look at the form 1040 lines 16 - 24 to find the answer to your question.

rjs

Level 15

To expand on what Critter-3 said: You need to look at the actual tax forms, not summary screens in TurboTax.

You didn't say whether you are using TurboTax Online or the CD/Download TurboTax software. If you are using the CD/Download software, you can look at Form 1040 and Schedules 1, 2, and 3 in forms mode. If you are using TurboTax Online, see the FAQ at the following link for instructions to view your Form 1040. "Preview my 1040" will also show you Schedules 1, 2, and 3.

How do I preview my TurboTax Online return before filing?

On Form 1040, line 15 is your taxable income. Is it zero?

The $2,000 that you owe should be on Form 1040 line 16, 17, or 23. Which line is it on? If it's on line 17 or 23, it's coming from Schedule 2. Which line of Schedule 2 is it on? That will tell you what it's for.

It doesn't matter that your expenses are more than your income unless you are claiming a large itemized deduction for the nursing care. If Form 1040 line 15 is zero, the itemized deduction, if any, has been taken into account. Itemized deductions do not reduce the other taxes on Schedule 2.

NCperson

Level 15

@confused250 are you using the online or desktop version?

there was another post in the last 2-3 days, where some said they had tax on Schedule 2 when they also had a very simple return and the tax was not explanable.

maybe a bug?