Total income= $8333
Federal deductions=$18960
Taxable income= $0
Federal credits= $607.
Federal Tax you owe =$1177
Federal taxes you have paid plus certain credits=$607
Balance due =$570.
How can my taxable income be $0 and still owe taxes???
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Penalty tax is added after taxable income.
Do you owe any penalty tax on an IRA distribution?
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