I have a full-time job where I receive a W-2 wage and tax statement and I also have a partnership where my income is reported on a Schedule K-1. As I move through TurboTax entering my income information, after completing the W-2 income portion the software shows I have an expected Federal tax refund of around $1400. When I enter my partnership income it says my self-employment tax has been calculated to be $2241. I paid $1500 in estimated taxes for the year so I would expect that I would be getting a refund: 2241-1400-1500=$659. However the computed result shows I owe federal tax of $2464. I just don't understand where that is coming from. Unless my self-employment income has put me in a different tax bracket and therefore the preliminary "refund" amount of $1400 is inaccurate? How can I discover why there is a discrepancy?
