L.S. Posted March 19, 2009 Report Share Posted March 19, 2009 This just doesn't seem right - Client, MFJ, has $14,913 on Line 8a, $4,654 on line 8b, $2,791 on line 9a, $1,893 on line 9b, -$611 on line 12, $66,171 on line 13 for agi of $83,264, itemized deduction of $12,823 and exemptions of $7,000 making taxable income of $63,441. Program puts this into the Capital Gain Tax Worksheet and tax comes up as $0. Can this possible be correct. I have examined this worksheet and it appears all figures are correct. Help, please. Thanks. Link to comment Share on other sites More sharing options...
JRS Posted March 19, 2009 Report Share Posted March 19, 2009 I didn't run the figures, but the capital gains rate for 2008 is zero for tax brackets 15% and below. This is probably the situation. Link to comment Share on other sites More sharing options...
TAXBILLY Posted March 19, 2009 Report Share Posted March 19, 2009 I know it looks weird but it is correct. taxbilly Link to comment Share on other sites More sharing options...
L.S. Posted March 19, 2009 Author Report Share Posted March 19, 2009 Thanks, guys! Link to comment Share on other sites More sharing options...
kcjenkins Posted March 20, 2009 Report Share Posted March 20, 2009 It is the result of that nasty old Bush Tax Cut, don't you know? Funny that so far, among my clients, the only two who have gotten the full zero effect have been Democrats !!!! Go figure! Link to comment Share on other sites More sharing options...
RitaB Posted March 20, 2009 Report Share Posted March 20, 2009 It is the result of that nasty old Bush Tax Cut, don't you know? Funny that so far, among my clients, the only two who have gotten the full zero effect have been Democrats !!!! Go figure! Yeah, and all the noise about RICH people getting away with murder regarding capital gains tax. L. S.' s couple with $63,000 adjusted gross getting a break on qualified dividends doesn't sound like the RICH getting away with anything to me. Sounds like ordinary folks getting an incentive to invest and get a little tax cut. Link to comment Share on other sites More sharing options...
MontanaEA Posted March 20, 2009 Report Share Posted March 20, 2009 <_< Well, now that we've got that out of our systems..... Link to comment Share on other sites More sharing options...
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