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6
69420bro
April 11, 2024
Question

Does anyone know why my tax went from a refund of a few hundred to owing a few hundred this yr? I’m a full time student with loans, and work part time (W-2 and a 1099)

  • April 11, 2024
  • 1 reply
  • 0 views
The only thing that changed this year is contract work from a 1099, and my student loan was counted in my ‘gross income’. Both years  I was claimed a dependent on my parent’s taxes. I appreciate any help!

1 reply

SteamTrain
SteamTrain
Employee
April 11, 2024

@69420bro 

 

The 1099 contract work may have done it.  For that work, you have to pay the full amount for SS and Medicare taxes.....just over ~15% of your $$ gain from that work PLUS regular income taxes on the same amount.  Depending on how much you received for that 1099 work, the added taxes could be significant. 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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