You'll need to sign in or create an account to connect with an expert.
are you looking at your refund or income taxes which would be the income tax on your taxable income + self-employment tax
based on the info you supplied, the box can you be claimed as a dependent should be checked. As a dependent, your standard deduction would be limited to your net earned income (wages and net schedule C income) +$350. the maximum standard deduction is $12,200.
there is an earned income credit that is not allowed if you can be claimed as a dependent.
Hi,
I am looking at "FEDERAL TAX DUE" (I believe I was covered by a safe harbor rule allowing me to not pay quarterly taxes) which decreases substantially if I say "No, I didn't pay for half of my expenses with earned income" I had more self-employment income than the standard deduction and it changes too much for the standard deduction to be the reason anyway.
The only things I could think of why this makes my taxes go down is that it's either transferring tax burden to my parents (is that possible with earned income?) or there's some sort of student discount.
Do I need to pay for TurboTax live to have someone look at this?
Thank you.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
malvinchip
New Member
tommymaulmaul
New Member
pmpo857685
New Member
el501
Level 1
MLP_Banana
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.