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standard deduction

i made 12,555

doesnt the stanard deduction of 12,950 offset my taxe amount

it says I owe 1406

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5 Replies

standard deduction

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. 

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standard deduction

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.  

standard deduction

how do I go back to enter my expenses

standard deduction

See if this helps: 

 

  1. Type Schedule C in the Search box
  2. Select the Jump to link
  3. Answer Yes to Did you have any self-employment income or expenses? ? and answer the questions until you get the First, select the expenses you know you had screen
  4. Select your expenses, then Continue
    • If you've already worked in this section, select Edit or Review next to your business
  5. Then select Start or Edit or Add expenses for this work
  1. Select Start next to an expense type that you had
  2. Enter your expense description and amount, and answer any other questions we ask
  3. If you had more than one expense for a type, select Add another row to include them all
  4. If you have additional expenses of other types, repeat steps 3 through 5 to add more
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KochuK
Employee Tax Expert

standard deduction

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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