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In 2012, my husband and I had a taxable income of $19,500.

In 2012, my husband and...

In 2012, my husband and I had a taxable income of $19,500. We paid over $2100 in taxes with held. The tax tables show that at $19500, the married filing jointly is $2066 so Is a return required?


 


Also, wife received 1099's grossing less than $10,000. Does she still need schedule C and self employment taxes? Is there any point in itemizing as income so low and medical costs (without insurance coverage) exceeds $1200. Business Office fees of $700+ and are not deducted yet at the figure of $19,500. Please advise

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Answered in 1 hour by:
7/14/2013
jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3,161
Experience: I've prepared all types of taxes since 1987.
Verified
Greetings,

A return is required based on the gross income and not on whether or not enough was paid in to cover the tax on the income. So, yes, a return is required whenever there is some tax that will be kept that was withheld.

For self employment from 1099s a return is required if there is more than $400 of net income after expenses and self employment tax is due when there is more than $400 of net income so Schedule C and Schedule SE are required.
Depending on the amount of self employment tax added to the tax table amount the withholding may or may not be enough to cover the total tax.

Itemizing deductions is only beneficial when the total itemized is more than the standard deduction so it will not be better to itemize with the amounts that you mentioned.

From what you described a return with Schedule C and Schedule SE is required but Schedule A will not be used.

Please ask if you need clarification.
Thank you.
jgordosea
jgordosea, Enrolled Agent
Category: Tax
Satisfied Customers: 3,161
Experience: I've prepared all types of taxes since 1987.
Verified
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Customer reply replied 4 years ago

This is Jessica. After your answer I went back and checked mileage and all the things I used in real estate sales. I actually spent more on marketing, continuing education, Realtor dues. This makes that $400 figure significant. Total 1099 $9622. Deductions over $11,000. My concern is that Turbo Tax was what my husband used without the figures I located. Also, I am actually unable to work at all now as I suffered multiple injuries from broken foot on April 1 to recent Grand Mal seizure. One of my lingering struggles is cognative. I cannot go into my husbands account to edit.....and the numbers are significantly different. Should we contact taxpayer advocate? I don't know who to talk to at the IRS. As they are indicating that the return Brian submitted was never received.... I have no clue best action. I do not know if this makes sense. We cannot afford expense of CPA and I have no clue what to do or have XXXXX XXXXXdle. Any suggestion would be appreciated. Thank you, XXXXX XXXXX

Hello again,

Sorry to hear of your injuries.

Your original question was about if filing is required and that answer is the same even if there are deductions that exceed the income for the Schedule C.

You do need to file a 2012 return with Schedule C and if that Schedule C has allowable deductions more then income the loss can be used to reduce total income and likely would increase a refund or decrease the balance due.

Not sure if you are saying that you did or did not file for 2012 yet when you say you used Turbotax. If not, you need to add the items in and send it and if you did already file then an amended return on Form 1040X can be used to add the items that were left out of the first filing.
Turbotax can be used to file the 2012 electronically and also to amend a return that was already filed and accepted by the IRS. For instructions please see http://turbotax.intuit.com/support/iq/Amend-a-Return/How-to-Amend--Change-or-Correct--a-2012-Return/GEN85210.html

To inquire about the status of a return that you filed it would not be taxpayer advocate but the usual number(NNN) NNN-NNNNto use.

If you got an inquiry form the IRS then the number on that notice should be contacted about the additional information of expenses before filing an amended return.

Hope that clarifies for you.


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jgordosea
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