According to turbo tax 2024 Earning - $3875 (includes $39 dividends); fed. deduction $3202; taxable income $673 Federal taxes owed $64 Why? Isn't income under threshold?

[KeshaH]

We'd love to help, first we need a bit of additional information.

- What kind of income are you reporting?

- What's your filing status?

- If you're Married Filing Separately, is your spouse itemizing their deductions?

[VolvoGirl]

Are you a dependent?   Then you get a lower Standard Deduction and not the full 14,600.

The 2024 Standard Deduction for an individual for whom an exemption can be claimed on another person's tax return is limited to the greater of:

…..Your unearned income was more than $1,300 or
…..Your earned income for the year + $450 (but not more than 14,600)

So you would get a minimum of $1,300 to a max of 14,600.

[AmyC]

If this was business income, you have self-employment tax.