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Why do I owe Federal Tax when my income was lower than my standard deduction amount?
My income was $2083.33
The Standard deduction was $6000 or so
The Standard deduction was $6000 or so
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Why do I owe Federal Tax when my income was lower than my standard deduction amount?
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Why do I owe Federal Tax when my income was lower than my standard deduction amount?
Was any of your income from a 1099-MISC? If so, you must pay self employment tax and there is no standard deduction for self employment tax. The standard deduction is only for ordinary income tax.
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Why do I owe Federal Tax when my income was lower than my standard deduction amount?
Yes, it was from a 1099-Misc. I am self-employed. Thank you. I just needed to make sure before filing. This is my first year self-employed.
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Why do I owe Federal Tax when my income was lower than my standard deduction amount?
Answered in comments.
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