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Income but zero tax

tammie
Level 2

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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IRonMaN
Level 15

Capital gains?

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)

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IRonMaN
Level 15

Capital gains?

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)

View solution in original post

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tammie
Level 2
That's it all the taxable income was in capital gains!!  thank you for pointing me in the right direction
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IRonMaN
Level 15
You betcha!  Luckily my ACME compass was working correctly today :wink::wink:
ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
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