2023 Home & Business
Taxable income is over $30,900 with $0 tax credits and turbotax says the tax due is $0. The tax should be at least $3000.
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2022 Home & Business, not 2023
It depends on what kind of income you have. There are like 7 different ways to figure the tax.
See the IRS worksheet on 1040 page 36 for how the tax is figured. Turbo Tax uses the same worksheet.
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
If you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return.
In the online version you need to save your return as a pdf file and include all worksheets to see it.
For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.
You can probably tell because the tax on 1040 will be less than the Tax Table
Thank you! It was all capital gains.
It was all capital gains BUT the Qualified Dividends and Capital Gain Tax Worksheet, line 24, ~$3500 tax, is NOT being transferred to the 1040. So is that ~$3500 owed or not??????
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