Amending my return with a $1,500 1099-MISC I got late and didn't think about. Turbo Tax is now saying I owe $826 back. How does that make any sense? 55%?!? When I use a calculator, it says I should owe $424.
I filled jointly with only $41,482.00 of combined income. My original refund was $5,394 mostly due to two dependents.
Funny note, I dropped it to $750 to see how much someone would owe then, it said $503! 67%! That made me laugh out loud. Can someone explain all this to me?
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Additional income impacts credits and deductions, as well as taxes. If you received the EIC based on the previous income, you would need to also pay that back.
I e-filed and my return had my son on there but he was never added so my return is all messed up and I have no idea what to do TurboTax sent confirmation that my return was accepted but it's all wrong.. someone plz help me
You can print a copy of your return and also save it to your computer as a pdf. Once you have a safe copy of your original return, you can look over and see what is missing. You can amend and add your son and correct any other mistake you might have made.
Check your original return vs your amended return, line by line - all forms if necessary, but at leat the 1040-X. Be sure that only $1500 was the amount added to your income. If you did not file a Schedule C (with expenses that reduce your income) and just added $1500 to income you'll have to pay SS/Medicare Self Employment Tax of $229.50 (15.3%).
Additionally, if you received the EITC with two kids, adding $1500 of income could easily drop your EITC credit by about $300.
In all likelihood you are in the 12% tax bracket, so adding $1500 in income could add $180 in income taxes.
Just my educated guess, accounting for about $710.
No idea where the rest would come from.
Ray In Bowie's excellent answer put you in the ballpark of what you're seeing in TurboTax. If you have additional credits, some may have been decreased by an increase in your adjusted gross income, thus increasing your tax owed.
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