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My wife and I are filling jointly with an adj. income of $15,560. We have deductions of $21,856 and thus a taxable income of $0. Can we owe $1762 with no taxable income?
Adjusted Gross Income - $15,560
Federal Deductions - $21,856
Taxable Income - $0
Federal Credits - $398
Federal Taxes Owed - $2392
Taxes Paid & Credits - $630
Balance Due - $1762
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June 4, 2019
10:25 PM
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Retirement tax questions
Did you have self employment income that you must pay 15.3% self employment tax on? You must pay that tax even if you do not have any federal income tax.
June 4, 2019
10:25 PM
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Retirement tax questions
Thanks, Roger! You're right about the self-employment tax.
June 4, 2019
10:25 PM
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