Tax Computation - Tax Summary Sheet

Forum|Forum|6 years ago
March 23, 2020
6 replies
40 views

How is tax calculated? And why is there no federal income tax summary attached to tax return showing the step-by-step computation of taxes?

TurboTax Deluxe Online

JamesG1

Level 15

Tax computation may take place on the Schedule D Tax Worksheet, the Qualified Dividends and Capital Gain Tax Worksheet, the tax tables (page 241-252), the Tax Computation Worksheet (page 253-254) and the forms listed on line 12a of the Federal 1040.

The tax computation worksheets are routinely available among the forms in the return.

Depending upon the version of TurboTax that you are using, they may not be available until payment has been made for the software.

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cpilliod

Level 2

My 2019 taxable inome was $21,000 yet Turbo Tax figured I owed $0 taxes. Hiw come?

DianeW777

Alumni - Intuit

It depends on what type of income is on your tax return. If you can clarify if it is derived from wages, or investments, etc, we may be able to provide more information.

Capital Gain Tax Rates - Topic 409 - Capital Gains and Losses

The tax rate on most net capital gain is no higher than 15% for most individuals. Some or all net capital gain may be taxed at 0% if your taxable income is less than $80,000.

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