I finish prepare tax return, there are taxable income , but no tax due, why this happens?

[KathrynG3]

If enough tax was paid in throughout the year, no additional tax will be due.

• In TurboTax Online, 
  • From the left menu, select Tax Tools.
  • Select Tools.
  • Select View Tax Summary.
  • On the left menu, select Preview my 1040.
  • Scroll down to Line 33, total payments. Compare this to Line 24, total tax.
• In TurboTax CD/Download,
  • Go to Forms Mode.
  • Select Form 1040 from the left menu under Forms in My Return.
  • Scroll down to Line 33, total payments. Compare this to Line 24, total tax.

The IRS requires taxpayers to pay tax as the income is earned, either 100% of the prior year tax or 90% of the current year tax to avoid penalties and interest. (For taxpayers with adjusted gross income greater than $150,000, these percentages are 110% and 100%, respectively) The taxes are collected by the employer from wages and submitted on your behalf through the year. 

[qfilesonline]

Line 15 Shows Taxable Income

Line 16 Shows No Tax

Line 26 Shows the Amount I paid in ES Tax

Line 33 Shows the same amount for total payments

Line 35a Shows a refund of the amount shown on Lines 26 & 33.

According to tax table found at https://www.irs.gov/pub/irs-pdf/i1040tt.pdf there should be a tax which would partially use the amount shown on Line 33. I have not as yet filed my return with the IRS

[SweetieJean]

Any capital gains?  They are taxed at a lower rate than the tax tables.

[qfilesonline]

If I subtract the amount shown on Line 7 as Capital Gains from the Adjusted Gross Income, the result produces a value lower than the Standard Deduction. When I look at the Capital Gains worksheets and the Qualified Dividends & Capital Gain Tax Worksheet they indicate no entry for any taxes due. I don't understand this process, I'm just reporting what the TT program generated. This would explain why I have an AGI in excess of the Standard Deduction with an entry on Line 15 showing taxable income and yet no tax. As I said, I don't understand how this works, but I'm quite happy getting the full amount of my ES Tax payments in a refund once I file the return.