topic TT says total tax is 14k for my 56k income?! in Get your taxes done using TurboTax

TT says total tax is 14k for my 56k income?!

relpc88 — Mon, 29 Mar 2021 23:30:51 GMT

The $8,864 you owe comes from the $14,186 of total tax on your return and your $128 penalty for not withholding enough tax all year, minus the $5,450 of tax you already paid.

Whats going on??

Re: TT says total tax is 14k for my 56k income?!

SweetieJean — Mon, 29 Mar 2021 23:37:38 GMT

Did you have self-employment income? That is subject to approx 15% SE tax, in addition to regular income tax.

Re: TT says total tax is 14k for my 56k income?!

relpc88 — Mon, 29 Mar 2021 23:39:01 GMT

no self-employment, I work for a health care organization

Re: TT says total tax is 14k for my 56k income?!

Mike9241 — Tue, 30 Mar 2021 03:17:16 GMT

regardless of whether the $56K is adjusted gross income or taxable income, without self-employment income your tax would be about $8000 if the $56k is taxable income or about $5500 is adjusted gross income and you are taking the standard deduction. you need to review your return line by line and look for errors in data entry.

put another way for your tax to be over $14K filing as single your taxable income would need to be about $83 to $84K -50% more than what you say.

Re: TT says total tax is 14k for my 56k income?!

NCperson — Tue, 30 Mar 2021 03:22:47 GMT

recheck the entries on your W-2. that is the best place to begin. if you believe the income is correct ($56k), look closely at the federal withholdings in Box 2.