I’m 88. Income is $20k in social security with approx $9k in 1099r and net operating loss of -$120,000. Why would I owe fed and state??

[jswalk]

2023. 2024 Income -$73344. $45530 TX held. 731. 0 Fed fed. 15700. 16550 Tax income $731. -2357. Federal

[Vanessa A]

Clarification....You had $45,530 withheld from what income if you have a loss of a $120,000?  Is this a loss from 2024 or is this a carryover loss?  Did you take an RMD?  How much do you owe?

Please give additional details to where these numbers are coming from

[SteamTrain]

@jswalk 

Yeah...too confusing....need to clarify all those posts:

Guessing,,,"Maybe" this, but where does the SS and 1099-R come in?

                                    2023            2024

Income                  ( -?) 73,334       +45,530   (SE income or total AGI ?)

Tax Withholding?      731.00            0.00

Fed fed(huh?)        15,700         16,550   (what's this?)

Taxable Income             731        -2357

And which year did you have a loss....where was it self-employment or other??