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?

posted

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.**

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

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.