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February 19, 2020
Question

Why do I owe $500 in federal tax before I've entered any wage information?

  • February 19, 2020
  • 1 reply
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1 reply

February 19, 2020

It sounds like you are repaying the First Time Homebuyer Tax Credit from 2008. That was essentially a no interest loan that you are paying back at $500/year.