I called Turbo Tax and spoke with an "expert" who said it didn't look like anything is wrong with my return, but when I look at the federal tax table, it says I should owe over $3,600. I don't want to file knowing there is a mistake.
@aryals wrote:
All of our income is investment income, most from capital gains.
Taxes on taxable income when Capital Gains are included are calculated using the Qualified Dividends and Capital Gains Worksheet, not the tax tables.
Go to this IRS website for the Form 1040 Qualified Dividends and Capital Gains Worksheet - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=36
If your taxable income is less than $80,800 for MFJ return (or $40,400 for Single filing status), some or all net capital gain may be taxed at 0%. It is very likely that your tax liability is zero in your situation.
@aryals
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