tax due

[mhrlopez]

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]

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?

[mhrlopez]

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%

[mhrlopez]

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