1059014
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Tax owed higher than Taxable Income

Hi all. In search of some help.

My current taxable income is ~800 after standard deduction. However, my taxes owed is ~2000. Is this correct? If so, how can my taxes be higher than my taxable income?

 

Income ~13,000 so standard deduction of ~12,200 brings to ~800.

 

Thank you!

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
Anonymous
Not applicable

Tax owed higher than Taxable Income

if the $13,000 is from self-employment  - i.e. you're filing schedule C you will owe self-employment tax of about

$1,800 about another $100 in regular income taxes  and if you failed to meet the required payments during the year there would be penalties for underpayment of estimated tax. 

 

if you are not self employed,  did you have marketplace insurance where your credit was to large so now you need to pay back the excess.

 

 

other than that, check all your entries

Tax owed higher than Taxable Income

Hi @Anonymous, it is not from self-employment.

I don't believe that it would be from marketplace insurance.

How would I be able to tell?

 

All entries seem correct as of now.  I appreciate your input.

In the description, it says my blended tax rate is at ~300%, how is that possible?

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question