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Skyscream
Returning Member

2014 Home & Business, Deduction is higher than my Income. Still have a total tax due... ?

Ok so, Finally doing my 2014 Taxes. (I'm a beginner obviously. Don't let that fool you, I've absorbed a lot of info already.)

In my 2014 software, after filling out the sections up to review I get this when hovering over my Federal Tax Due:

Income and Adjustments: 576 (actual income: 620)
Deductions: 6,200 (obvious standard deduction)
Taxable Income: 0
Total Tax: 88
Total Payments: 44 (not sure why it was cut in half, cool, but still?)
Refund/ Tax Due:  - 44

Now I have more than one link to confusion here.
if my deduction is higher than 100% of my income, why I do I owe anything in tax?
Plus, where is my Personal Exemption in this summary ? (it's filled out in -form mode- correctly through single status.)

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3 Replies
Skyscream
Returning Member

2014 Home & Business, Deduction is higher than my Income. Still have a total tax due... ?

someone help a brother out?

Skyscream
Returning Member

2014 Home & Business, Deduction is higher than my Income. Still have a total tax due... ?

bump

2014 Home & Business, Deduction is higher than my Income. Still have a total tax due... ?

It's most likely self-employment tax. You must pay SE tax if your net earnings were over $400

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