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Who is single and 22 years old, was unemployed few months…

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Who is single and...

Who is single and 22 years old, was unemployed for a few months during 2014. He earned $6,700 in wages before he was laid off, and he received $1,400 in unemployment compensation afterwards. He had no other income. Even though he had gross income of $8,100, he did not have to pay income tax because his gross income was less than the filing requirement for a single person under age 65. He filed a return only to have his withheld income tax refunded to him. In 2015, ***** ***** began regular work as an independent contractor and earned $28,000. ***** ***** made no estimated tax payments in 2015 and he did owe tax at the end of the year. What amount does ***** ***** owe for the underpayment penalty in 2015?

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

I HAVE NO MORE DETAILS

Submitted: 2 years ago.Category: Tax
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Answered in 1 hour by:
2/23/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,860
Experience: Taxes, Immigration, Labor Relations
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If the taxpayer had ZERO tax liability in 2014 -

regardless of his tax liability on 2015 tax return - there will NOT be any underpayment penalty on 2015 tax return.

There will be income and self-employment tax liability - that is correct - but NO underpayment penalty.

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