I just noticed that nothing was entered there and so basically since any taxes paid are subtracted from 0 entered on line 16, so Im refunded everything I paid. That's not what the tax tables say for my income.
It might be right. It depends on what kind of income you have. There are like 7 different ways to figure the tax.
See the IRS worksheet on 1040 page 36 for how the tax is figured. Turbo Tax uses the same worksheet.
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
If you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return.
In the online version you need to save your return as a pdf file and include all worksheets to see it.
For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.
You can probably tell because the tax on 1040 will be less than the Tax Table
It might be right. It depends on what kind of income you have. There are like 7 different ways to figure the tax.
See the IRS worksheet on 1040 page 36 for how the tax is figured. Turbo Tax uses the same worksheet.
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
If you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return.
In the online version you need to save your return as a pdf file and include all worksheets to see it.
For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.
You can probably tell because the tax on 1040 will be less than the Tax Table
Whew! Thank you so much. I was looking back over our taxes to gather some info and thought I had missed something. This is our first year as retirees and all of our income is dividend income.
Thanks again!!!!!
You don't get any Social Security or pension or IRA income? Like a 1099R?
If you only have dividend income then what taxes paid are you getting back? You usually don't have tax withholding taken out of dividends. Do you send in quarterly estimated payments?