Negative amount - Line 14 of worksheet for 1040 Line 44

lueykhala · #1 (**permalink**) 04-10-2014, 02:23 AM

I am using the Qualified Dividends and Capital Gains worksheet to figure out my value for line 44 of Form 1040.

Here is what I have in this worksheet:
Line 11 (amt taxed at 0%): 20867 (my total income)
Line 12: 0
Line 13 (repeat line 11): 20867
Line 14 (line 12 minus line 13): -20867

This is confusing me. Should I keep this negative number as I go through the worksheet, or keep it 0? According to line 11, my entire income is not subject to any taxes.

Thanks.

Wnhough · #2 (**permalink**) 04-10-2014, 04:58 AM

Quote:

Originally Posted by lueykhala

I am using the Qualified Dividends and Capital Gains worksheet to figure out my value for line 44 of Form 1040.

Here is what I have in this worksheet:
Line 11 (amt taxed at 0%): 20867 (my total income)
Line 12: 0
Line 13 (repeat line 11): 20867
Line 14 (line 12 minus line 13): -20867

This is confusing me. Should I keep this negative number as I go through the worksheet, or keep it 0? According to line 11, my entire income is not subject to any taxes.

Thanks.

ZERO; Aslongas your tax bracket is 15% or lower then your LTCG tax rate is 0%