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June 6, 2019
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I'm ready to file, but line 10, taxable income, is $3,099 Line 11 Tax = $0. I checked IRS tax tables, shows from $3,050 - $3,100 TAX is $308, could you please explain.

  • June 6, 2019
  • 3 replies
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Best answer by MichaelL1

Great then the tax on the capital gains and dividends when in the 10% tax bracket is $0 and that is why you cannot use the Tax Tables.

Here are the long term capital gains tax rates:

Tax rate     Single                     Joint                           Head of household

0%           $0 to $38,600           $0-$77,200                $0-$51,700

15%         $38,601-$425,800    $77,201-$479,000     $51,701-$452,400

20%         $425,801 and up       $479,001 and up       $452,401 and up


3 replies

MichaelL1
Employee
June 6, 2019
You must have capital gains and/or qualified dividends on your return in excess of $3,000. correct?
aem8Author
June 6, 2019
yes, that is correct
MichaelL1
MichaelL1Answer
Employee
June 6, 2019

Great then the tax on the capital gains and dividends when in the 10% tax bracket is $0 and that is why you cannot use the Tax Tables.

Here are the long term capital gains tax rates:

Tax rate     Single                     Joint                           Head of household

0%           $0 to $38,600           $0-$77,200                $0-$51,700

15%         $38,601-$425,800    $77,201-$479,000     $51,701-$452,400

20%         $425,801 and up       $479,001 and up       $452,401 and up