Filing jointly.
My spouse made $40,000 as an employee.
My income was 1099 $16,000.
Two kids, +700 month mortage. $800 a month health insurance. About $500 in deductibles from my 1099s (office supplies)
Turbo tax is saying I owe almost $4,000 in back taxes?
Seems like the child tax credits and mortage interest would offset my measly 16k in 1099 income? Even if I paid the full rate, 20% of 16k is only 3 grand.
Did I make a mistake some where or is the the IRS really fucking us this hard?
Spouse says if this is true they are going part time as we would qualify for health insurance subsidies and earned income tax credits. We would make MORE money with my spouse working part time than we do now, if we owe the IRS 4 grand.. Hes telling me we would get a refund check BACK for a couple thousand if I hadnt worked at all or if he worked part time.
Is that true?
Trying to wrap my head around this.
If we both work - we make 56,000 together but owe the IRS 4 grand because I made 16,000 on my own. We also pay 800+ a month (9,000 a year) in health insurance.
If he works part time or I quit working. - We make $40,000, Get free health insurance (+9,000 a year) and would get back 2 to 3 thousand on our taxes. So our net income would be like $52,000 but we only have to work half the amount.
How is that even possible? Can anyone verify what hes telling me?
Submitted February 11, 2018 at 10:43AM by theboxsaidmild http://ift.tt/2EhDfk2
