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S
soulman-1313
February 2, 2024
Solved

I have side job that i made $1400, my self employment tax is $202 fed, but my total refund is reduced by $500 when I put in my tax data..WHY?

  • February 2, 2024
  • 1 reply
  • 0 views
To be clear, my refund was $3300 from my normal job before applying the self employed income.  I applied $1400 to self employmenty tax and TT shows my tax due is $200, but my federal refund is reduced by $502.0, WHY?
Best answer by Mike9241

The $1400 in SE income also has an income tax component so besides the SE tax there's an increase in the regular tax. the increase in income can also affect other items on your return.

 

 

1 reply

M
Mike9241Answer
February 2, 2024

The $1400 in SE income also has an income tax component so besides the SE tax there's an increase in the regular tax. the increase in income can also affect other items on your return.

 

 

D
dmertz
Employee
February 2, 2024

A $502 increase in tax for adding $1,400 of SE income sounds about right for someone in the 22% income tax bracket.

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