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April 11, 2020
Question

If I have $0 in taxable income X 0.0% blended tax rate, why do i owe $508 in taxes? Shouldn't I get a full refund of taxes paid $794?

  • April 11, 2020
  • 1 reply
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1 reply

VolvoGirl
Employee
April 11, 2020

What is the 794 from?  Was it federal withholding from W2s or 1099R or something else? Or did you make an estimated payment?  You might owe self employment tax or a penalty like a 10% Early Withdrawal Penalty for taking out a IRA or 401K and under 59 1/2.

 

If it was withholding or estimated payment check that it is on 1040 line 17 or 18d.