For 2020, I have a single tax client who had AGI of $33,942 on Federal 1040. After subtracting the $14,050 standard deduction, it leaves her with taxable income of $19,892. There is no additional tax or credits and no recovery rebate credit. The program calculated her tax to be zero. When I check the tax tables, it looks like there should be tax of $2,188.
Does anybody have any ideas why there would be no tax when the taxable income is $19,892 or where in the program I can see how the tax was determined?
This has me concerned because I have been relying on the program to accurately calculate the amount of tax.
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Look for the qualified dividends worksheet in the list of forms in use and follow the money.
Long-term capital gains or qualified dividends
Look for the qualified dividends worksheet in the list of forms in use and follow the money.
That is making sense to me now. Thank you!!
As other folks/posters solved the issue for you, you *really* should give one of them the solve, not yourself.
I think it's fixed. I am new to this. Thanks!
No problem... and it really doesn't matter other than notifying future searches of what actually DID work :-).
Intuit doesn't reward us IN ANY WAY for being helpful even tho this forum solves way more problems/issues than the official support folks do.
Oh, and welcome to the zoo.
@abctax55 👍 this forum is more informative than CPE seminars and tax publications... And imo it is more helpful than calling tech support.... I have learned a lot on this forum...Thanks to all...👍🐕
Way back in the old TaxAlmanac days I lobbied (to no avail...) to have all the time I spent researching & learning there qualify for CPE. Oh well.... I still became a better tax pro because of it.
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