IF MY TAXABLE INCOME IS $24,196, WHY IS MY TAX LIABILITY OWED ZERO?

After you apply payments and credits, you owe no tax. Your taxable income is on Line 15, then credits are subtracted out and your tax liability is on Line 24. Then payments and withholdings are applied on Line 33. Preview your 1040 to verify your tax return is correct.

Preview Form 1040 in TurboTax Online.

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