So I am doing my taxes; itemizing.I get down to line 72- "Total Payments" I am told to subtract line 63 (Which in my case is $0) from Line 72 (My federal income tax amount). 63, being $0 would mean that I get it all back which I know is completely wrong. Also, It would nullify the entire rest of the form that I worked on. IF you have a clue of what I'm talking about, could you tell me where I went wrong?
2007-03-13 08:14:46 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Look at line 42; this is your taxable income. Find the tax on that amount from the tax tables. From that you subtract any credits that you entered on line 56. That answer becomes line 47. You must have enough deductions, exemptions, and credits to offset any tax due. Without the other work on your return you couldn't justify the deductions and credits. One more thing; don't forget the phone tax credit on line 71.
2007-03-13 08:28:15 · answer #1 · answered by anr 3 · 0⤊ 0⤋
How did you manage to get Line 63 to equal 0? Better go back and recalculate everything.
This is one of those moments when cranking this through tax software makes a whole lot of sense, so you end up concentrating on the concepts and not on the math. Without any additional info I'm assuming you messed up interpreting the line entries to end up w/ no tax liability on Line 63. Or you managed to get enough in deductions to minimize AGI and zero out your tax liability through credits.
2007-03-13 16:18:48 · answer #2 · answered by CMass Stan 6 · 1⤊ 0⤋
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2007-03-15 00:09:51 · answer #3 · answered by Jason C 2 · 0⤊ 1⤋