tax due

Forum|Forum|6 years ago
April 24, 2020
4 replies
17 views

I completed entering all information for 1040SR / Single filer. Taxable income is $6,538. Turbo Tax shows zero tax due. Why, when tax table shows owe $653.

DoninGA

Level 15

What type of income did you enter on your tax return. Did you receive a Form 1099-R and are under age 59 1/2?

mhrlopezAuthor

Level 2

86 yo, SSI, Rental Income and owner finance interest.

Anonymous

if part of your income is from qualified dividends and/or long-term capital gains. the tax rate on those is 0%

mhrlopezAuthor

Level 2

Thanks, $7,323 is LTCap Gain, makes sense now.

tax due

4 replies

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