Amended Form with HIGH tax due

GrumbleJones · ‎April 11, 2023

I am filing an amended return for my daughter. She received a late "corrected" 1099-NEC. The net change income difference in Turbo Tax is $962. Tax before credits is $200 and Other taxes is $143. How can she owe $343 additional taxes on $962??? That's crazy. Please would appreciate some help! Thanks!

CatinaT1 · ‎April 11, 2023

The change in income can affect other things than just the tax. It's possible with the increased income, she is no longer eligible for the credits she received or a reduced amount of credit than originally received.

In addition to income tax on the additional amount, she also has self-employment tax on the income.

It's hard to say without seeing the return.

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View solution in original post

CatinaT1 · ‎April 11, 2023

The change in income can affect other things than just the tax. It's possible with the increased income, she is no longer eligible for the credits she received or a reduced amount of credit than originally received.

In addition to income tax on the additional amount, she also has self-employment tax on the income.

It's hard to say without seeing the return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Amended Form with HIGH tax due