topic tax due in Get your taxes done using TurboTax

tax due

mhrlopez — Fri, 24 Apr 2020 23:53:15 GMT

I completed entering all information for 1040SR / Single filer. Taxable income is $6,538. Turbo Tax shows zero tax due. Why, when tax table shows owe $653.

Re: tax due

DoninGA — Fri, 24 Apr 2020 23:56:48 GMT

What type of income did you enter on your tax return. Did you receive a Form 1099-R and are under age 59 1/2?

Re: tax due

mhrlopez — Sat, 25 Apr 2020 00:19:12 GMT

86 yo, SSI, Rental Income and owner finance interest.

Re: tax due

Anonymous — Sat, 25 Apr 2020 02:11:20 GMT

if part of your income is from qualified dividends and/or long-term capital gains. the tax rate on those is 0%

Re: tax due

mhrlopez — Sat, 25 Apr 2020 02:17:40 GMT

Thanks, $7,323 is LTCap Gain, makes sense now.