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The joint tax has been filled with less than $70K annual income, however total 2021 tax due is $11,200. Does it sound wrong? Please let me know.

 
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The joint tax has been filled with less than $70K annual income, however total 2021 tax due is $11,200. Does it sound wrong? Please let me know.

We have no way to tell you.   We do not know what you entered, how many dependents--if any---you claimed, whether you paid any estimated tax during the year, etc.etc. etc.   You are posting from online Self-Employed---which indicates you had self-employment income on which you are required to pay self-employment tax for Social Security and Medicare, as well as ordinary income tax.

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

 

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

 

 

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

 

 

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

 

 

No one in this user forum can see your tax return or your screen.  There were major tax law changes that began with the 2018 tax year that seem to continue to surprise some people.  Personal exemptions of over $4000 per person were removed beginning with 2018 returns.

 

 Was something different for 2021?  Did you have less income due to the pandemic?  Did you receive unemployment compensation?  If so, did you have tax withheld from it?

 

There are a lot of variables that affect your refund or tax due including how much you earned, how much tax you had withheld, your filing status, the number of dependents you claim, your deductions and credits, etc.  You may have lost Earned Income Credit or the Child Tax Credit— did a child turn 18?  If you received the EIC last year, remember that changes in the amount you earn have a big effect on the amount of EIC you can get. (Sometimes earning more money means less EIC)  Are you 65 or older ?  If so, your standard deduction is higher. Everyone has a higher standard deduction now so it is harder to use itemized deductions.

 

If you received advance child tax credit payments between July and December—-remember that you received part of your refund in advance—-so the refund on your tax return can be less than you assumed it would be.

 

 

And of course, always check your own data entries, looking for errors such as misplaced decimals or extra zeros.

 

https://ttlc.intuit.com/questions/1901008-why-did-my-refund-go-down-compared-to-last-year-s

 

Print out 2020  and 2021 and compare them side by side to see what is different. 

 

https://www.postbulletin.com/news/business/tax-preparers-warn-your-refund-may-be-smaller-than-usual/...

 

https://turbotax.intuit.com/tax-tips/tax-payments/video-why-would-i-owe-federal-taxes/L3VXudPiN

 

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

The joint tax has been filled with less than $70K annual income, however total 2021 tax due is $11,200. Does it sound wrong? Please let me know.

Look at your tax return Form 1040. 

You should have see taxes on Line 16 and Self-Employment taxes on Schedule 2 Line 4 which flows to Form 1040 Line 23.

 

Total Taxes are on Line 24 and Total Tax Payments are on Line 33.  When Line 33 is subtracted from Line 24 the taxes owed are on Line 37.

 

You can view your Form 1040 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

The joint tax has been filled with less than $70K annual income, however total 2021 tax due is $11,200. Does it sound wrong? Please let me know.

The previous post by xmasbaby0 is correct. 

If your taxable income on form 1040, line 15 is $70,001 then your tax from the IRS tax tables

https://www.irs.gov/pub/irs-pdf/i1040tt.pdf  (page 8 ) is $11,154 - Married, filing Jointly.

 

If you want to check some of the details on your form 1040:

Click the "Forms" icon in the blue bar at the top right of your screen.
From the list of forms, click the form you want to review.   In this case, Form 1040, lines 15-24.
Review as many forms as needed.
Hint: You can also review your state(s) forms here.
To return to the step-by-step process, click the "step-by-step" which is in the blue bar at the top right of your screen, where the "Forms" icon formerly was located.


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The joint tax has been filled with less than $70K annual income, however total 2021 tax due is $11,200. Does it sound wrong? Please let me know.

if the $70K is all self-employment income you would owe about $10,000 in self-employment taxes + maybe an additional  $6,000 in regular income taxes. the total would be reduced by any withholding credits or estimated tax payments.

 

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