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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14130
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Customer Question

Hello , A review of my taxes raised a question. I filed using TacAct and I looked at my Social Security 1099 form . It says I owe no taxes for 2011 or 2012 and I'm showing taxable income on my 1040 tax form , line 20a & b. Can you tell me why I paid tax when it appears the govt. is saying I don't owe it ??
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question, and thanks for using JustAnswer.com. Even though you may have taxable income on lines 20 a &b you might still owe no tax. This is your income before deductions, so you could have no taxable income once you take your deductions and exemptions. This is probably why you had taxable income on line 20b, yet did not owe tax at the end of the year.

So, the reason you had no tax is your deductions and exemptions. These were equal to or greater than your social security income. This made your taxable income 0. Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a great day.

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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

Expert:  Megan C replied 1 year ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. Also if you ever need anything else in the future please Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer

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