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Level 2
posted Apr 3, 2023 2:29:53 PM

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?

0 3 693
3 Replies
Expert Alumni
Apr 3, 2023 2:40:10 PM

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. 

Level 2
Apr 3, 2023 2:53:27 PM

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

Expert Alumni
Apr 3, 2023 3:33:28 PM

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.