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17minnsave
New Member

Will I need to pay tax on the difference between my taxable income of 26942 and my std deduction of 25300? TT shows that I pay not taxes at all.

 
1 Best answer

Accepted Solutions
MichaelL1
Level 15

Will I need to pay tax on the difference between my taxable income of 26942 and my std deduction of 25300? TT shows that I pay not taxes at all.

Due to having capital gains on your return and small amount of taxable income, that is why your tax is $0.

If the Long Term Capital Gains and/or dividends fell within the 10% or 15% ordinary income brackets, your tax rate was an unbeatably low 0%.

Your tax bracket was 10% so the capital gains on your return are $0.


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4 Replies
MichaelL1
Level 15

Will I need to pay tax on the difference between my taxable income of 26942 and my std deduction of 25300? TT shows that I pay not taxes at all.

Is some of your income Social Security?  Is some dividends or capital gains?
17minnsave
New Member

Will I need to pay tax on the difference between my taxable income of 26942 and my std deduction of 25300? TT shows that I pay not taxes at all.

no earned income, just ss, dividends, capital gains and pension/ira withdrawals.  $5100 of 40090 ss shows as taxable
MichaelL1
Level 15

Will I need to pay tax on the difference between my taxable income of 26942 and my std deduction of 25300? TT shows that I pay not taxes at all.

Due to having capital gains on your return and small amount of taxable income, that is why your tax is $0.

If the Long Term Capital Gains and/or dividends fell within the 10% or 15% ordinary income brackets, your tax rate was an unbeatably low 0%.

Your tax bracket was 10% so the capital gains on your return are $0.


17minnsave
New Member

Will I need to pay tax on the difference between my taxable income of 26942 and my std deduction of 25300? TT shows that I pay not taxes at all.

Thanks for your help.  Gross income of 60,000 and paying no taxes at all.  Not upset with that!

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