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Level 2
April 12, 2021
Solved

down not up

  • April 12, 2021
  • 1 reply
  • 2 views

I have a small 1099 business ($3K a yr) & had no taxes withheld but it says my refund will be about $500. ( the amount is in green, not red) As I add more business expenses, the refund gets smaller. Is this a glitch? What does it mean?

    Best answer by Mike9241

    we can't see your return so can't say what is happening. your self-employment tax should go down but perhaps certain credits are going down more.  also, your QBI/199A deduction would go down increasing taxes. 

    1 reply

    Mike9241
    Level 15
    Mike9241Level 15Answer
    Level 15
    April 12, 2021

    we can't see your return so can't say what is happening. your self-employment tax should go down but perhaps certain credits are going down more.  also, your QBI/199A deduction would go down increasing taxes. 

    Mike9241
    Level 2
    April 12, 2021

    Thanks - that makes sense now that I have gone thru the whole filing process.