Question

If I have taxable income shouldn't I have a tax liability?

Forum|Forum|5 years ago
March 12, 2021
1 reply
0 views

The Federal tax tables show 10% tax on taxable income. Why don't I have any tax due if I have taxable income?

TurboTax Premier Online

What is on line 15 of your 1040?

Furthermore, what was the withholding that you had (line 25 on the 1040)?

Also, did you have capital gains or qualifying dividends? These are taxed at a lower rate (for taxpayers in lower tax brackets, it's 0), so even though these amounts appear in taxable income, the tax is not actually from the tax tables, but from the Qualifying Dividends and Capital Gains worksheet - the IRS form is very confusing about this.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"