Estimated Taxes for 2020
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Level 2

Estimated Taxes for 2020

Hi!

 

 I’m trying to estimate my federal taxes for 2020.  I have tried a few different calculators such as TaxCaster, HR Block, Jackson Hewitt, and TaxSlayer.  My AGI looks to be about $36000.  I take the Standard Deduction of $12400.  That leaves taxable income at $23600.  I don’t have any withholding.

 

Why do all of these calculators I used show a zero tax liability?

5 Replies
Level 15

Estimated Taxes for 2020

We do not know what other data you are entering into those tools.  Are you entering dependents?  Was the income on a W-2 or is it self-employment income?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Level 2

Estimated Taxes for 2020

Hi xmasbaby0.  I have no dependent.  No W-2 or self-employment income.  Just dividends, short term losses, and long term gains.

Level 15

Estimated Taxes for 2020

Thanks to the Bush Tax Cuts for the Rich, if you're living off LT capital gains, up to a point (pretty high, and x 2 for joint returns) you pay no federal income tax.

Level 2

Estimated Taxes for 2020

Wow!  Thank you!

Level 15

Estimated Taxes for 2020

You seem to be in the sweet spot, but it's higher still for married couples.

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