When I filed, TurboTax told me I was going to owe $500 in taxes. I’ve been checking the IRS website often under “make a payment” and it’s still saying I owe nothing. Isn’t there a deadline when these need to be paid? Am I checking in the right place? I’m starting to get a little worried. Any advice?
The IRS web site won't show how much tax you owe until after they finish processing your tax return. You should pay the amount due that was shown on your tax return now. You don't have to wait until the IRS web site shows that you owe it. The deadline for paying is long past. It was April 18.
Ideally the IRS web site should never show that you owe tax. You pay when you file your tax return, or earlier, and they apply the payment when they process your return.
yes, the deadline to pay was 4/18/2022. we have no way of knowing if you actually owe the $500 or not. the IRS may not have fully processed your return. if your return is fully processed there should be a transcript that can be used to compare to your return line by line to see if there are differences that can account for you not owing. generally, the IRS sends out notices for changes to returns but that could take a while after the return is processed.
Oh no. I don’t know what to do then if I missed the deadline, am I gonna get in trouble? I haven’t gotten anything in the mail about it.
I mean, I filed my taxes on time, but I didn’t know I had to pay by a certain time. And There’s no balance on the IRS website nor has there been since I’ve filed. So I’m not sure what to do.
How did you select to pay it? By check or direct debit from you account? Check your return. If you were suppose to send a check it should have printed out a 1040 V payment voucher. The sooner you pay it the interest will stop accruing.
You can pay the IRS directly at
https://www.irs.gov/payments
Or print a blank 1040V voucher
https://www.irs.gov/pub/irs-pdf/f1040v.pdf
I didn’t know there was an option to pay them on the TurboTax website, cause that’s what I used to file them. Where can I pay my taxes at if the irs website says I have no balance
@Sophiphi98 Look at your Form 1040. Does it show an amount on line 37? If you have an amount on line 37, that is what you owe and should have paid by April 18, 2022----the tax filing and payment deadline
https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212
Okay---then where in TurboTax did it say that you owe tax? Do you owe your state? What does it say on your state tax return? Where did you get the idea that you might owe about $500?
Do you have a refund on line 35a? Maybe you owe a state tax due? Check your state return. At the end Turbo Tax shows you the net combined of federal and state but they are separate.
@Sophiphi98 wrote:
34 says $2.00
35a also says $2.00
and 36 is blank
Then you are getting a refund of $2. You do not owe any federal tax.
Are you sure it says $2.00 and not $200? There are no cents on Form 1040. Or does it just say $2, without the zeros?
Oh maybe it just says 2 but I only got $2.00 hahaha. Thank-you so much by the way I’ve been freaking out all night
This is my first time ever doing my own taxes and I’m a sub contractor so it’s a little difficult for me so I’ve been scared I messed them up
Did you have a profit on your self employment income on Schedule C? Or show a Loss? Did you also have job income on a W2? You usually need to have tax withholding taken out of your pay to get a refund on your tax return.
Maybe the $560 taxes you owe is an optional estimated payment for NEXT year 2022?
I’m not sure about the first two questions you asked but I did not have a w2. And possibly. There’s a lot I need to read up on and learn for next year so I can be better prepared
Here's some info for you.
To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. Here's a Schedule C https://www.irs.gov/pub/irs-pdf/f1040sc.pdf
You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version or use any of the Desktop CD/Download programs.
How to enter self employment income
You will need to keep good records. You may get a 1099NEC at the end of the year if someone pays you more than $600 but you need to report all your income no matter how small and if you don't get the 1099NEC.
You use your own records. You are considered self employed and have to fill out a schedule C for business income. You use your own name, address and ssn or business name and EIN if you have one. You should say you use the Cash Accounting Method and all income is At Risk.
After it asks if you received any 1099Misc or 1099NEC it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records. Just go through the interview and answer the questions. Then you will enter your expenses.
Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.
The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 2 line 4 which goes to 1040 line 23. The SE tax is in addition to your regular income tax on the net profit.
Here is some IRS reading material……
IRS information on Self Employment
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center
Pulication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf
Publication 535 Business Expenses
And for this year 2022. Are you making more income?
You might need to send in quarterly estimated payments if you don't have enough other tax withholding (like from W2 wages) to cover any self employment tax on a business profit.
Turbo Tax will calculate the 1040ES estimated payments
You must make quarterly estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).
To prepare estimates for next year you start with your current return, but be careful not to change anything. For Online returns, if you can't get back into your return, Click on Add a State to let you back into your retun.
You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.
Or Go to….
Federal Taxes or Personal (Desktop H&B)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button
To just estimate the remaining quarters put in that you paid $1 for the missed quarters so it will only calculate the remaining quarters.
How to make the Estimated payments
https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875
Here are the blank Estimates and instructions…..
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
The 1040ES quarterly estimates are due April 18, June 15, Sept 15 and Jan 17, 2023. Your state will also have their own estimate forms.
Or you can pay directly on the IRS website https://www.irs.gov/payments
Be sure to pick the right kind of payment and year.....2022 Estimate
No I’ll make about the same, I don’t work much, I still live at home and am only part time. My bills are very minuscule so I don’t really have to work a lot.
You may have had a tax bill of $560 however the credits or payments you made like withholding paid off the tax bill and gave you a two dollar refund. Look back at the 1040 between the total tax line and the refund line to see which credit paid off the balance due.