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larrytbull
Returning Member

why is turbo tax telling me i owe federal tax money when I made 600 last year

Using turbo tax this year, I was unemployed entirety of the year with on 2 sets of income, dividends for 600 where tax was paid, and another 480 for social media income on a 1099-misc

I have a mortgage property taxes and a dependant child, and some charitable donations , yet TT deluxe is saying I owe $566 in federal taxes.. something doesn't add up, can someone please explain

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4 Replies
JohnB5677
Expert Alumni

why is turbo tax telling me i owe federal tax money when I made 600 last year

I suggest you look at your tax return (Form 1040) and check some critical entries.

 

From the left sidebar

  1. Select Tax tools
  2. Hint: You may have to minimize the Federal and State selections
  3. Click Tools
  4. A Menu will pop up
  5. Select View tax summary
  6. On the left panel click Preview my 1040

Some Key numbers to compare:

  • 11 Adjusted Gross Income
  • 12 Deductions
  • 15 Taxable income
  • 16 Tax
  • 19 Child Tax Credit
  • 26 Earned Income Tax Credit
  • 28 Additional Child Tax Credit
  • 33 Total Payments
  • 34 Overpayment
  • 35a Refund
  • 37 Amount you owe
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why is turbo tax telling me i owe federal tax money when I made 600 last year

Did the $600 come from self-employment? If so and since it's over $400 you owe self-employment tax which would be computed on form SE

larrytbull
Returning Member

why is turbo tax telling me i owe federal tax money when I made 600 last year

1099-misc   just some royalties i get from youtube videos

larrytbull
Returning Member

why is turbo tax telling me i owe federal tax money when I made 600 last year

i see other taxes shown with 870, how do i find out what that is from

 

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