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C
COSkiBum
Level 3
March 4, 2025
Question

Income Tax

  • March 4, 2025
  • 2 replies
  • 10 views

Client with taxable income of $18,743 on the 1040 but "0" tax comes up?  Why?  It falls in the 10% tax bracket.  They are both over 65 with lots of Int/Div income and a Cap Gains loss of $3k.

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2 replies

T
TaxGuyBill
Level 15
March 4, 2025
@COSkiBum wrote:

with lots of Int/Div income and a Cap Gains loss of $3k.

 

Qualified Dividends may be taxed at 0%.

    C
    COSkiBumAuthor
    Level 3
    March 4, 2025

    Thank you.  Will look at Div worksheet 

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    March 4, 2025

    You should find a Dividends worksheet that you can follow the money to see how the tax is computed.

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      C
      COSkiBumAuthor
      Level 3
      March 4, 2025

      Thank you for the suggestion of the DIV worksheet.  Happy Day!

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