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My son has income less than standard deduction, but it shows…

Customer Question
My son has income...

My son has income less than standard deduction, but it shows he owes taxes?

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

His income is 5791; standard deduction is 6141

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

Why does he owe $124? nothing more

Submitted: 4 months ago.Category: Tax
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3/22/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,759
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. Are you claiming him as a dependent?

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Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

Or is it self employment income that he rec'd?

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Customer reply replied 4 months ago
he is a dependent. 1200 is self employment
Customer reply replied 4 months ago
are you still there?
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

Both are reasons why he owes.

1) You are claiming him as a dependent so he does not get the personal exemption for himself

2) The self employment income is subject to self employment tax. Look at the Form 1040 for him, Line 57, is there an amount showing on that line? if so, that is how much he is paying in self employment tax on the $1,200 self employment income. Self employment tax is different from income tax. SEE BELOW;

Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners.

You figure self-employment tax (SE tax) yourself using Schedule SE (Form 1040). Social Security and Medicare taxes of most wage earners are figured by their employers. Also you can deduct the employer-equivalent portion of your SE tax in figuring your adjusted gross income. Wage earners cannot deduct Social Security and Medicare taxes.

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Customer reply replied 4 months ago
he does have to file a return because of the self-employment income?
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

Yes, because he earned more than $400 in self employment income. However, you can still claim him as a dependent. He just has to make sure to check the box that someone else can claim him as a dependent when he files his return.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

You have to file an income tax return if your net earnings from self-employment were $400 or more. If your net earnings from self-employment were less than $400, you still have to file an income tax return if you meet any other filing requirement listed in the Form 1040 instructions (PDF).

REFERENCE SOURCE:

https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center#Obligations

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