Tax Filing Question?

Question

So, Im filing my taxes using turbo tax which i do every year. I made approximately $27000 for which i only worked part of the year and paid approximately $2300 in federal income tax. I filed and my estimated federal return is $60. That is after my fees for not having health insurance. Im not sure if im just not connecting the dots or what. I live in the state of Michigan by the way and my filing status is single, i do not own a home or have a mortgage there were no other credits or deductions etc... Bare bones filing no special circumstances.

tro · Answer

your non taxable income, single no dependents is $16850 which is probably about $1700 income tax for federal
if you had $2300 withheld for income tax your refund should be $600
so if you are only getting $60 refunded your penalty is $540?

? · Answer

Sounds right.  You have about $17000 in taxable income, bill about $1700 or so.  Not sure what penalty you incur for no insurance, but sounds like about $400-500, so sounds right.

? · Answer

Sure does sound like you do have it close to right at this time for this purpose.
Hope that you find the above enclosed information useful. 01/31/2015

Tax Filing Question?

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