Question

F1040 SR calcs are line 11 38,227 line 15 is 24,177 line 16 is 0 why is there no tax on 24k taxable income? sch d lines 15 and 16 are both gains

Forum|Forum|5 years ago
February 9, 2021
1 reply
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sch d ltcg on line 15 and line 16 line 17 YES lien 20 YES

TurboTax Premier Online

Are you saying that all of your income is from long-term capital gains? If so, the Tax Tables are not used to calculate the taxes on long-term capital gains.

There are three tax brackets for capital gains: 0%, 15%, and 20%. The IRS says, "Some or all net capital gain may be taxed at 0% if your taxable income is less than $80,000." See IRS Tax Topic 409.

I don't have al the data from your return (Remember that we in the Community cannot see your private tax data), but from I see, if all your income is from capital gains, you likely don't owe any income tax.

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