i made 12,555
doesnt the stanard deduction of 12,950 offset my taxe amount
it says I owe 1406
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Pretty sure it's Self employment tax. Think you had made a post earlier. You will need to enter in your expenses to reduce your net profit to zero to show no tax liability due.
What kind of income do you have? If you have self employment income you still owe SE tax on it. Or you could owe for something like a 401k or IRA 10% early withdrawal penalty. Or maybe ACA health ins premium
Check your 1040 lines 17-23 for other things you might owe and schedule 2 for Additional Taxes.
how do I go back to enter my expenses
See if this helps:
Hi watttlyirs2021,
Yes, you are correct that as a Single filer, the standard deduction is $12,950, which zeroes out your taxable income. Hence, the income tax liability is zero (Form 1040, line 16.)
However, the Form 1040 also include many other "non-income tax items" such as self employment taxes (Social Security and Medicare taxes, line 23 from Schedule 2), or Earned Income Credit (line 27).
Please review your Form 1040, lines 17-33 and see how "the amount you owe" is calculated.
Hope the above helps. Thank you.
Kochu Kitty
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