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cellbill1
New Member

ONLY MADE 24,827. FOR YAER AFTER DEDUCTIONS ONLY HAVE 11,073. TAXABLE INCOME. BUT IS SAY I OWE ALMOST 5,000???????? AFARIAD TO CHECK OUT THAT CAN,T BE RIGHT?

 
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2 Replies
Coleen3
Intuit Alumni

ONLY MADE 24,827. FOR YAER AFTER DEDUCTIONS ONLY HAVE 11,073. TAXABLE INCOME. BUT IS SAY I OWE ALMOST 5,000???????? AFARIAD TO CHECK OUT THAT CAN,T BE RIGHT?

If your income is self-employment income, you are not only subject to regular tax but also Social Security and Medicare at a rate of 15.3%. In addition, there may be other taxes, such as the Healthcare penalty. Look at your Schedule 4 to see where theses taxes are being added. It is also possible you duplicated your SE income.

 An easy way to check is to add all your withholding together and check to see if it is all entered on that line. You may view your 1040 by following these steps.

To view your 1040 form, follow these steps: 

  1. Sign in at TurboTax.com and select the blue Take Me to My Return button, if you haven't already done so.
  2. On the welcome back screen, select Tax Tools from the menu on the left side of your screen (click or tap the 3 lines in the upper-left corner if you don't see this menu).
  3. Select Tools, and then select View Tax Summary
  4. Preview my 1040 under Tax Home (sidebar)
  5. Click Back near the top of your screen to exit the preview screen

pk
Level 15
Level 15

ONLY MADE 24,827. FOR YAER AFTER DEDUCTIONS ONLY HAVE 11,073. TAXABLE INCOME. BUT IS SAY I OWE ALMOST 5,000???????? AFARIAD TO CHECK OUT THAT CAN,T BE RIGHT?

Not knowing the full details, please note that if your actual net income form self-employment  / 1099-MISC, then your self-employment tax @15.3 % would be in the range $3700 plus your normal income tax

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