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Level 4
December 7, 2019
Solved

Income but zero tax

  • December 7, 2019
  • 3 replies
  • 23 views

Client is disabled and at 68 years old never filed a tax return.  Parents died and left trusts and stocks to the client.  Now she has to file a tax return because there is income.  Total income is 29,000.  Taxable income (after standard deduction) is 15,500.  No federal tax is calculating.  Tax is calculating for Virginia.  Why is federal tax not calculating?  Thank you for your help

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Best answer by IRonMaN

Capital gains?

3 replies

IRonMaN
IRonMaNAnswer
Level 15
December 7, 2019

Capital gains?

Slava Ukraini!
tammieAuthor
Level 4
December 7, 2019
That's it all the taxable income was in capital gains!!  thank you for pointing me in the right direction