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February 6, 2024
Question

Why is that when i put in my 1099 my federal goes down so much only made 3200 and they are wanting 1400 of what i made?

  • February 6, 2024
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1 reply

Employee
February 6, 2024

You hve not told us what kind of 1099 you entered.  Was it a 1099NEC for self-employment income?   If so, you have to pay self-employment tax for Social Security and Medicare; the additional income may also have affected other credits you were receiving such as earned income credit.   If you entered a 1099NEC you also need to prepare a Schedule C for your business expenses.  Have you done that?  That can only be done using online Premium or any version of the CD/download.

 

Or.....did you enter some other kind of 1099?  There are over a dozen kinds---and they get entered in different places in the software.

**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.**