I was laid off 2 years ago, and last year i Had some severence and unumployment, this year I made almost nothing and am on state supported food stamps, and medicaid . My total income in 2024 was $1,170 with approx 450 in income from Youtube channel and approx 720 in divident income where fed tax was paid, I had 21395 in fed deductions and taxable income was 0. fed credits were $162, However turbo tax has calculated that I owe 544 in fed taxes, how can that be, I am only filing, because my daughter is in scool and will need a Fafsa form for next year... can some one answer why i have a 544 tax due, and also why it started around 600 without enetering anything? I am completely dumbfounded on this one, turbo tax has been my mainstay for over 2 decades... and of course no support number to call :(
If you started at $600 it means - most likely - you had left over amounts from last year's tax return imported into your 2024 tax return. Those amounts should be zero-ed out.
How did you have tax withholding taken out of your dividends? The you tube income is self employment and you owe self employment tax on it. Severance and unemployment are taxable. Your taxable income on 1040 line 15 is zero? Check your 1040 return. What lines don’t you understand?
Also you may owe a penalty for something. Did you take a withdrawal from a IRA or 401K? Or make a contribution to a IRA?
I called up intuit free support, and it was some stuff that got carried over erroneously from previous return. I entered it as a fresh return and everything got sorted out
and yes the self employment tax, which i wasnt aware of , so all is good now and there is a refund showing (not much) but at least no tax owed.. I appreciate all the replies
thanks to all