Did your situation change from last year?
Did you answer ALL the questions in TurboTax?
Were you self-employed and subject to self-employment tax. This is an additional 15.3% of taxes on your total profit from your business.
Look at your form 1040 to verify your entries are correct.
- Line 1 is your income entered from your W-2's
- Line 15 is your taxable income. This consists of your total income minus your standard deduction which if you are single is $12,950.
- Line 16 is your Tax based on the number on line 15
- Line 18 is your total tax liability is before any credits.
- Line 25 is the amount of taxes your employer withheld from your wages. If your employer did not withhold enough, this would be the biggest reason you have to pay in.
- Line 37 is the amount you owe.
If you are single with no children and not in school, there are not a lot of credits available to change your taxes due.
If your employer is not withholding enough taxes, you may want to complete a new W4 form for them.
You can see your 1040 by clicking Tools>>Tax Tools>>View Tax Summary>>Preview My 1040
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