Taxable Income but no tax calculated

Forum|Forum|2 years ago
February 6, 2024
1 reply
10 views

Hi all,

I’ve hit a block and I’m not quite sure where else to look. I have a MFJ couple who have a schedule C (net loss), couple W2’s, and some LTCG. Fed Taxable income is in the 35k ballpark, but there isn’t any tax getting calculated. I’ve doubled checked their details are entered MFJ (name, SSN, DOB, etc). Any suggestions on where I can look next? Thanks in advance

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Best answer by poolcleaner

Check the Qualified Dividends and Capital Gains Worksheet and you will probably see that the capital gains and/or qualified dividends are not being taxed. Pleasant surprise for you and your clients!

Another Former All Star

P

poolcleanerAnswer

Level 8

Check the Qualified Dividends and Capital Gains Worksheet and you will probably see that the capital gains and/or qualified dividends are not being taxed. Pleasant surprise for you and your clients!

Another Former All Star

R

rob22usmcAuthor

Level 2

Yes I did see that they’re at the 0% LTCG tax bracket. Though I’m confused, because wouldn’t the income that doesn’t fall under capital gains such as ordinary income (W-2s), still be taxed at their respective tax bracket?

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poolcleaner

Level 8

Follow the answers on Line 3 of that worksheet and you'll see that it the LTCG and Qualified Dividends that are in control of the worksheet.

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