topic Box 15 and 16 question in Get your taxes done using TurboTax

Box 15 and 16 question

sierrajcurry — Wed, 12 Mar 2025 21:34:49 GMT

I made around $7,784.10 last year in 2024 from my three jobs in total. No federal income tax withheld. After subtracting boxes 14 and 11, my taxable income is around $6,800. I did the standard deduction plus my college loan expenses which I deduct $29. I checked the tax table and I may have to pay around $600 for box 16 in tax. Does this sound right? Is box 16 what I have to worry about and not box 15? I am very confused and somewhat stressed and still learning about taxes.

Re: Box 15 and 16 question

LindaS5247 — Wed, 12 Mar 2025 21:46:00 GMT

Please clarify your question by providing some additional information so we can better assist you. You are referring to boxes 14, 11, 15 and 16 of what form? W-2 Box 16 would be State Wages?

Re: Box 15 and 16 question

sierrajcurry — Wed, 12 Mar 2025 21:54:29 GMT

My apologies. In 2024 I made $7,784.10. Had no federal taken out because of low income. I took the standard deduction and the college credit for student loans of 29$, which made my taxable income box 15 $6,815.9. After looking at the tax tables it looks like I would owe around $688 for box 16 for tax. I was wondering if my calculations sound correct. Does this sound correct?

Re: Box 15 and 16 question

ThomasM125 — Wed, 12 Mar 2025 22:08:24 GMT

Your standard deduction, since you have earned income (wage income in this case), would be your earned income plus $450 up to the amount of your normal standard deduction for a single individual (assuming you are not married), which would be $14,600 in 2024. Since you only earned $7,784, you shouldn't have any taxable income, as it is less than your standard deduction, so it is unlikely you would owe any tax. So, it sounds like something is wrong.

Box 16 on your tax return would be your tax, box 15 would be your taxable income. You should see your standard deduction on line 12, I think that is what you are missing.

Re: Box 15 and 16 question

sierrajcurry — Thu, 13 Mar 2025 15:06:10 GMT

Ok thank you. Just to clarify I may not have to pay tax since my income was low and I shouldn’t have to owe any?

Re: Box 15 and 16 question

JG407 — Thu, 13 Mar 2025 15:15:46 GMT

Correct, since your income is lower than the standard deduction you get.