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I was concerned that after keying in my 1099 Misc info,(which was the ONLY income entered at that point), TT said I had a refund? How could that be?

i was fully expecting it to say i OWED money, NOT that i had a REFUND. I'm married, filing jointly, self employed, and wife is w2'd
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Anita01
New Member

I was concerned that after keying in my 1099 Misc info,(which was the ONLY income entered at that point), TT said I had a refund? How could that be?

When you first start entering income, all the standard deduction and personal exemptions and credits are applied only to your income.  It's not at all a meaningful number because it bears no real relationship to the return that will ultimately be filed.  Jut ignore the beginning amounts and keep going.  The amounts will become meaningful as your real return takes shape.

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1 Reply
Anita01
New Member

I was concerned that after keying in my 1099 Misc info,(which was the ONLY income entered at that point), TT said I had a refund? How could that be?

When you first start entering income, all the standard deduction and personal exemptions and credits are applied only to your income.  It's not at all a meaningful number because it bears no real relationship to the return that will ultimately be filed.  Jut ignore the beginning amounts and keep going.  The amounts will become meaningful as your real return takes shape.

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