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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.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Long-term capital gains or qualified dividends
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Look for the qualified dividends worksheet in the list of forms in use and follow the money.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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That is making sense to me now. Thank you!!
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As other folks/posters solved the issue for you, you *really* should give one of them the solve, not yourself.
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I think it's fixed. I am new to this. Thanks!
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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.
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@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...👍🐕
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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.