dablock1
New Member

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

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.
dablock1
New Member

Retirement tax questions

Thanks, Roger! You're right about the self-employment tax.

Retirement tax questions

Answered in comments.

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