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How is turbo tax calculating my 1099 taxes withheld? None of my 1099's had any income tax withheld, but my tax summary has over $5,000 in taxes withheld.

I had a variety of 1099 NEC's for contract labor last year, and none of them had any income tax withheld. I'm not sure why turbo tax is saying I have $5,000 worth of taxes withheld in my 1099's. Is this going to mess up my taxes?
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3 Replies
KrisD15
Expert Alumni

How is turbo tax calculating my 1099 taxes withheld? None of my 1099's had any income tax withheld, but my tax summary has over $5,000 in taxes withheld.

The program includes the amount of Self-Employment Tax (FICA) as well as the income tax owed on that income. 

 

More about Self-Employment Tax. 

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How is turbo tax calculating my 1099 taxes withheld? None of my 1099's had any income tax withheld, but my tax summary has over $5,000 in taxes withheld.

I am confused on where turbotax thinks the withheld tax is? None of my 1099's had any withheld income tax.

DawnC
Expert Alumni

How is turbo tax calculating my 1099 taxes withheld? None of my 1099's had any income tax withheld, but my tax summary has over $5,000 in taxes withheld.

Are you sure you are looking at tax withheld?   Where do you see the $5K?  

 

Do you have any W-2 forms entered?   Review your 1099-NEC entries and make sure you did not enter anything in Box 4 if there were no withholdings.    Withholdings are payments, don't file yet if your return is showing tax payments that you did not make.   

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