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rksteiner
New Member

No Tax on Taxable Income?

I am assisting my in-laws with their taxes this year and am seeing a value in line 11b "Taxable income", but line 12a "Tax" is showing zero (0).  Is this correct?  They are over 65, so it is 2019 form 1040-SR.

 

Thank you.

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1 Reply
Anonymous
Not applicable

No Tax on Taxable Income?

it's possible if their taxable income conssited solely of qualified dividends and/or long term capital gains.  if so ther eshould be a worksheet in the return calculating the tax

another thing to look at is on 12a is ther a box checked or form listed.   normally the lowest tax rate is 10% on taxable income 

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