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

posted

Connect with an expert

1 Best answer

Accepted Solutions

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?

Answered in comments.

View solution in original post

3 Replies

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?

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.

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?

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

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?

Answered in comments.

Still have questions?

Make a post

Manage cookies

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

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?

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?

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?

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?

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?

Get more help

Do you have a TurboTax Online account?

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?

Do you have an Intuit account?

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?

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?

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?

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?

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert