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April 14, 2024
Question

Why does turbotax calculates I owe tax, even though I earned less than standard deduction,

  • April 14, 2024
  • 2 replies
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earned $3642 in 2023, Turbotax calculated I owe $26 in federal tax, even it said standard deduction is used

2 replies

Employee
April 14, 2024

Did you have any self-employment income?    You can owe self-employment income on even $400 of income, because you have to pay for Social Security and Medicare.   Self-employment tax is different from ordinary income tax.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
VolvoGirl
Employee
April 14, 2024

Did you get a 1095A for Marketplace health ins?  You might have to pay back some premium credit you got.  Check your 1040 return and see if there is any taxes listed on lines 16-23.  Or where the $26 is showing up.  

Before filing,  You can preview the 1040 or print the whole return

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160