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Level 1
June 5, 2019
Solved

1099misc entry is not crediting full amount

  • June 5, 2019
  • 1 reply
  • 16 views

prior to entering 1099misc my tax owed is $ 46,337.  When I enter $47548 of 1099 I paid out, it shows $ 30,931 due.  Why only a $ 15,406  reduction in tax owed ?

Best answer by SweetieJean

Expenses paid are a reduction from your income, not from the taxes due.

1 reply

Alumni - Champ
June 5, 2019

Expenses paid are a reduction from your income, not from the taxes due.