Estimated Taxes for 2020

[nomad_dt]

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?

[xmasbaby0]

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?

[nomad_dt]

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

[fanfare]

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.

[nomad_dt]

Wow!  Thank you!

[fanfare]

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