topic 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?? in Retirement tax questions

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 — Tue, 03 Feb 2026 09:50:38 GMT

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

Re: I’m 88. Income is $20k in social security with approx $9k in 1099r and net operating loss of ...

Vanessa A — Wed, 19 Feb 2025 13:05:17 GMT

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

Re: 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??

SteamTrain — Wed, 19 Feb 2025 14:30:45 GMT

@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??