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make sure ur claiming all them expenses on that 1099 income! mileage, home office, supplies n stuff can help offset the SE tax šÆ
Detailed breakdown: Your household income puts you in prime territory for max EITC. With 3 kids and combined income of ~$60.5k, you're looking at substantial credits. However, you'll owe ~$3,100 in SE tax on 1099 income. After factoring Child Tax Credits, EITC, and SE tax, $2,800 might be low. I'd strongly recommend using taxr.ai (https://taxr.ai) to get an exact calculation - it'll analyze all potential credits and deductions. Just upload your docs and it'll give you a complete picture. Worth the $1 to know exactly where you stand.
this is the real answer right here! ā¬ļø
this gives me life rn šā¤ļø
Check your transcript every morning at 6am EST. That's when they update. Trust me im basically a pro at this now lololol
the marketplace is so confusing fr. took me like 2 years to finally understand all this stuff š¤¦āāļø
same boat here lol these forms might as well be written in ancient greek š
Make sure your income hasn't changed much from what you reported. That's super important bc if you made more than expected you might have to pay some back.
wait what?? how do i check that?
Without seeing the actual letter its impossible to know what they want. Could be anything from W2s to receipts to dependent info.
GalacticGuardian
Check your transcripts! WMR is basically useless rn ngl
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Dmitry Smirnov
ā¢facts šÆ WMR hasn't updated for me in weeks but my transcript shows movement
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Ava Rodriguez
Pro tip for next year - file in mid-February. Early filers always get caught in the verification delays fr
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