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Level 1
posted Feb 28, 2023 3:35:33 PM

Why do I owe $ with negative 2022 income

 

Hello

Prior to filling out form 6781 for capital loss I filled out my regular forms for an income of $2712 with a tax liability of $313.  I then filled out form 6781 which gave me a total income of Minus $288. WHY do I still owe the $313 from the $2712 income which is no longer valid with the $3000 max capital loss applied?? Net income now Minus $-288.  Please see the below:

You had a loss for your 2022 income

Your total income of $-288 comes from adding up the $2,217 in income from your businesses, your capital gain of $-3,000, the $495 of ordinary dividends.
 
Your Tax Breakdown 2022
Total Income$-289
Deductions- $14,857
Taxable Income= $0
Blended Tax Ratex 0.0%
Tax Liability  This is how much you were supposed to pay in taxes.= $313
The $313 you owe comes from the $313 of total tax on your return.

Thanks

0 2 848
2 Replies
Expert Alumni
Feb 28, 2023 4:25:05 PM

The tax may be from something besides income tax, like a penalty or self-employment tax. You can look on schedule 2 of your Form 1040 to see if you have any Additional Tax.

 

You can view your form 1040 and schedules 1 to 3 while working in the online version of TurboTax by following these steps:

 

  1. Click on Tax Tools in the left menu bar
  2. Click on Tools
  3. Look under Other Helpful links….
  4. Choose View Tax Summary
  5. Look in the left menu bar and choose Preview my 1040
  6. Scroll down the page to see form 1040 and schedules 1 to 3

 

 

Level 15
Feb 28, 2023 4:45:49 PM

do you have self-employment income  - schedule C? that SE tax can not be eliminated. schedule 2 line 4