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Level 2

Question

tax

4 replies
78 views

I called my son who is a cpa and he said I should be paying some tax. After deductions I have 22,531 in taxable income. Yet turbo tax says I owe no tax. This is not right

[email address removed]

Jim B

Level 15

We cannot see your screen or your tax return. We have no information from you other than the amount of taxable income you say that you have. We do not know what kind of income you entered, your filing status, etc etc.etc. Perhaps you would like to share your log in information with your son so that he can look over your tax return for you and help you with it.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Level 6

What line of the 1040 is your $22,531 on? Was it on Line 15 or was it on some other line? Any amount on Lines 16 to line 24? Did you have any withholding or pay any estimated taxes? What's the amount on Line 33?

jmbeckrowAuthor

Level 2

Line 15 shows net income of 22,531. Line 16 shows a tax of 0.00. This is wrong.

Level 6

Do you have any long term capital gains? There are 3 boxes on Line 16, showing how your income tax is calculated. What does Box 3 say?

For the first $48,350 of 2025 Long-Term Capital Gains , the Tax Rates is zero for singles. Double that for married, filing joint.