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I filed taxes in 2014 and my Actual Income was less than…

Customer Question
I filed taxes in...

I filed taxes in 2014 and my Actual Income was less than 44000. I had one student in college and two students under the age of 16. How is it possible that I owed over 3000

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I don't understand what moer you need to know besides the fact that I filed jointly with my husband

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I don't think so. I just don't understand how lower middle class people can owe so much taxes when we have dependents and one in college.

Submitted: 1 month ago.Category: Tax
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Answered in 5 minutes by:
3/8/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,695
Experience: Taxes, Immigration, Labor Relations
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Can you verify - if that Actual Income 44000 was from wages ONLY - reported ion W2,

or that was a self-employment income - reported on 1099misc, or any other income type?

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Customer reply replied 1 month ago
No. It was all wages from work. No 1099
Customer reply replied 1 month ago
It was all earned wages from jobs. Not self employment or 1099
Customer reply replied 1 month ago
My daughter was in college and received scholarship
Tax Professional: Lev, Tax Advisor replied 1 month ago

I just run estimations ...

- assuming you file a joint tax return with your spouse - both below 65

- gross income $44000 from wages only

- standard deduction - three dependents - two under 16

HERE are estimation results

Adjusted Gross Income (AGI):$44,000

Std. Deduction:$12,700

Personal Exemptions:$20,250

Taxable Income - after deductions $11,050

Regular Tax:$1,105

Child Tax Credit:$1,105

Earned Income Credit:$1,309

Additional Child Tax Credit:$895

So based on my calculations - you are entitled for a refund $2,204 plus any income tax withholding from your paychecks

.

Please verify if you provided all information and verify your calculations.

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Customer reply replied 1 month ago
What is my next cause of action
Tax Professional: Lev, Tax Advisor replied 1 month ago

I suggest following steps

- verify if all your information and my assumptions are correct

- verify your calculations

If that will not help

- let me know from your form 1040 - line numbers and amounts - and I will help to identify possible error.

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Tax Professional: Lev, Tax Advisor replied 1 month ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues

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Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,695
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