Income entered in 2024 TT not captured

[spichon]

I suspect there is a problem with 2024 TT not capturing or applying tax to interest, cap gain and Dividend income which I entered. My taxable income on the 1040 showing the right amount of $81000 however the tax is only $663 which is the tax TT calculated for the posted qualified dividends only. I estimated my total income tax should be around $4000.  State income tax is applied correctly. Did we just get a huge tax cut or am I overlooking something?...Thanks

[MonikaK1 · Accepted solution]

For 2024, your “qualified” dividends may be taxed at 0% if your taxable income falls below $47,025 (Single or Married Filing Separately), $63,000 (Head of Household), or $94,050 (Married Filing Jointly or Qualifying Surviving Spouse).

Net capital gains are taxed at different rates depending on overall taxable income, although some or all net capital gain may be taxed at 0%. For taxable years beginning in 2024, the tax rate on most net capital gain is no higher than 15% for most individuals.

A capital gains rate of 0% applies if your taxable income is less than or equal to:

• $47,025 for single and married filing separately;
• $94,050 for married filing jointly and qualifying surviving spouse; and
• $63,000 for head of household.

Taxes are often calculated using a different method than the tax tables. For example, if you have capital gains, the tax on those is calculated at the capital gain rate for your income level. If you are self-employed, you may have self-employment taxes in addition to income taxes.

You can preview your return before filing to find out how your taxes were calculated. See here for details.