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Why is TurboTax telling me I owe $613 federal tax on less than $7000 income?
My son is using Turbo Tax Free Edition.
He entered $1,400 for a college job reported on a W2 and $5,500 reported as "other income" on a 1099-MISC.
It is calculating that he owes $613 in federal taxes.
It calculates a standard deduction of less than $2,000 which I don't get - the standard deduction for single under 65 is $12,200.
Any idea what he/we are doing wrong?!
...Bigger question is...do we even need to do this?! No tax was withheld so he's not going to get a refund. Since he's under the $12,200 threshold he doesn't actually need to file, right?
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March 17, 2020
7:49 PM