I have filed 1099 NEC and W2 this year. My TurboTax shows the amount I owe federally for the 1099-NEC, but not the refund I am to get for my W2. Please help?

[whitemarcusw17]

For context, I was only 1099 for a short amount of time last year, then I was employed for the rest of the year. I want to know if there’s any insight to where I could check for a potential tax refund, or if there is a refund coming my way?

[VolvoGirl]

On your tax return there is only one bottom line.  Either a refund or Tax due. It is for all your income combined.   If you have a tax due on line 37;you don't have a refund.

Your W2 withholding wasn't enough to cover the tax on all your income plus the self employment tax on your 1099.  How much self employment tax do you have on line 23 and Schedule 2?

You pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C.  You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400).  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  

The SE tax will be included in your tax due or reduce your refund.  It is on the 1040 Schedule 2 line 4 which goes to 1040 line 23.  The SE tax is in addition to your regular income tax on the net profit.

[KrisD15]

If you are entering all tax forms on the same return (as you should) the tax due or refund is computed on everything. 

Tax is figured on ALL your income. This amount is your "tax liability".

Next, any tax you paid, like what was withheld on your W2 is subtracted from your tax liability. 

If the number is positive, (more tax was paid than your tax liability) you get a refund. 

If the number is negative, (less tax was paid than your tax liability) you owe a balance due.

[whitemarcusw17]

Where would I find this figure? I am certain I’ll get a refund, seeing as I had only been a 1099 employee for 4 months of the year, and an actually employee for the rest. When I open my TurboTax, it only shows the money that I owe federally and no computation of a tax return. Is there a location on my forms in which I would be able to find the information I need? Is there any notifications I would receive for my refund amount (if any)? I filed both my 1099 NEC and W2 together (as I should). 

[VolvoGirl]

Yes look over your whole return and see how it adds up.  It's not the length of time you worked as 1099 but the total income.   Your 1099NEC income is self employment.   They didn't take any taxes out of it.  Did you enter any expenses for it?  The Net Profit adds to your W2 income.  Then the Standard Deduction or your Itemized Deductions are subtracted giving you the taxable income on line 15.   The tax on your income is on line 16.   That is your income tax.  

But then you also owe self employment tax on your Net Profit giving you the total tax on line 24. 

Then your withholding (lines 25) and any credits are subtracted from the tax giving you a refund or a tax due for more.   You came up short.  When you have self employment income you needed to send in some extra tax for it since they didn't take any withholding out for you.  

Before filing,  You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

How to get a copy after Efiling or printed for mailing.

https://ttlc.intuit.com/community/my-tax-return/help/how-can-i-access-my-return-after-i-ve-e-filed-o...

[DawnC]

If you already filed and TurboTax is showing an amount due, that is the total of everything you entered.   The 1099 and the W2 are included in that ''federal amount due'' number.    When you sign in and your return is already filed, you have to scroll down to the bottom of that page to see your tax return.    Print a copy to view the details.   

You should see your W-2 income on Line 1 and your 1099 income will be on Line 8.    The total tax on your income is Line24.   Any tax payments you made already (Box 2 of your w-2) will be included on Line 33.    The amount you owe (or is refunded to you) is the difference between Line 24 and 33.   

[VolvoGirl]

Sorry sounds like you owe more for the 1099NEC income than any refund you would get from the W2 income.   When you have more income you pay a higher tax rate on all your income.   The W2 took out taxes like it was your only income.  The withholding didn't cover the tax on the 1099NEC.   Plus you pay extra self employment tax on the 1099NEC in addition to regular income tax on it.