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Skyscream
Employee
April 28, 2018
Question

2014 Home & Business, Deduction is higher than my Income. Still have a total tax due... ?

  • April 28, 2018
  • 2 replies
  • 0 views

Ok so, Finally doing my 2014 Taxes. (I'm a beginner obviously. Don't let that fool you, I've absorbed a lot of info already.)

In my 2014 software, after filling out the sections up to review I get this when hovering over my Federal Tax Due:

Income and Adjustments: 576 (actual income: 620)
Deductions: 6,200 (obvious standard deduction)
Taxable Income: 0
Total Tax: 88
Total Payments: 44 (not sure why it was cut in half, cool, but still?)
Refund/ Tax Due:  - 44

Now I have more than one link to confusion here.
if my deduction is higher than 100% of my income, why I do I owe anything in tax?
Plus, where is my Personal Exemption in this summary ? (it's filled out in -form mode- correctly through single status.)

2 replies

Skyscream
SkyscreamAuthor
Employee
April 29, 2018

someone help a brother out?

Skyscream
SkyscreamAuthor
Employee
April 30, 2018

bump

April 30, 2018

It's most likely self-employment tax. You must pay SE tax if your net earnings were over $400