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dgdunham
Level 2
Apr 16, 2024 1:06 AM UTC
Solved

Fed Tax Amount

Last minute--did quick calculation of taxes--$2000 income, $17,000 deductions, but program calculates Fed tax as $135??

    VolvoGirl
    VolvoGirlAnswer
    Level 15
    Apr 16, 2024 1:14 AM UTC

    Would need more info and 1040 line numbers.  Are you Single?  Is 2,000 after deductions?  Your deductions might be limited.  Is this from W2 income or self employment on a 1099NEC?  If you got a 1099NEC you owe self employment tax even if you don't owe any regular income tax.  

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    2 replies

    VolvoGirl
    VolvoGirlAnswer
    Level 15
    Apr 16, 2024 1:14 AM UTC

    Would need more info and 1040 line numbers.  Are you Single?  Is 2,000 after deductions?  Your deductions might be limited.  Is this from W2 income or self employment on a 1099NEC?  If you got a 1099NEC you owe self employment tax even if you don't owe any regular income tax.  

    dgdunhamAuthor
    Level 2
    Apr 20, 2024 4:55 PM UTC

    Turned out it was self-employment tax that did the deed--thank you, though!

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