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March 11, 2024
Question

I am a student and my parents are claiming me i made around 19000 and paid in 1100 why does it say i owe 304?

  • March 11, 2024
  • 4 replies
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4 replies

Employee
March 11, 2024

Were you paid with a 1099-NEC?

March 11, 2024

You tax bill should be around $540 given your situation based on the limited facts presented. SOmething must have been entered wrong

SharonD007
March 11, 2024

When you owe taxes, it means that you didn’t pay enough taxes throughout the year on the money that you made. Refer to the TurboTax Help articles: Video: Why Do I Owe on My Tax Return? and What if I can't pay my taxes? for additional information.

 

If you will be in the same situation next year, you may want to change the information on your Form W-4 to have more federal taxes taken out of your paycheck.  Contact your payroll department to request a new Form W-4 to complete.  Refer to the TurboTax article Top 5 Reasons to Adjust Your W-4 Withholding for more information.

 

@delmarmac 

 

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March 11, 2024

if that 19K consisted of both wages (withholding) and income reported on form 1099-NEC/MISC (no withholding)  you would owe 14.13% as self-employment taxes on the non-wage amount. With about $6600 on a 1099-NEC and $12400 in wages income taxes would be about $500 and self-employment taxes would be about $900 so $1400 total less $1100 in withholding.

 

However, having $1100 withheld on $12K in wages seems unlikely.  we can't see your return so check all the numbers you entered. Also the free edition doesn't do schedule C or form 1040-SE