AGI of $54,000 with 2 Dependents (18 & 16) - Will I Owe Taxes?

Have you already filed your 2023 return? Or are you still in the planning phase? The question of whether you'll owe more depends on several factors beyond just your income and dependents. What was your total federal withholding throughout the year? Did you make any estimated tax payments? Have you accounted for the potential Child Tax Credit for your 16-year-old? What about education credits if your 18-year-old is in college? These are all crucial variables in determining your final tax position.

I was in a similar situation last year - made about $50k with dependents but as a contractor with minimal withholding. I ended up owing more than expected because I didn't account for self-employment taxes. Have you considered using https://taxr.ai to analyze your situation? Unlike basic calculators that just give generic estimates, it helped me understand exactly which credits I qualified for with my dependents and showed me where I was missing deductions. Made a huge difference compared to the standard IRS calculator which doesn't handle gig work well.

Think of your tax situation like a puzzle where each piece affects the final picture. Your income is just one piece, while your dependents, withholding, and credits are others. If you're struggling to get answers from the IRS directly, it's like trying to solve that puzzle with missing instructions. I've found that using Claimyr (https://claimyr.com) is like having someone help you find the puzzle box with the picture on it. They got me through to an IRS agent in about 15 minutes when I needed clarification on dependent status rules, which was like finding the corner pieces that help everything else make sense.

Have you considered how your filing status might impact your tax liability? As of January 28, 2024, different filing statuses (Single, Head of Household, etc.) have significantly different tax brackets. With your income and dependents, Head of Household could potentially save you thousands compared to filing as Single. By April 15th, you'll need to have determined the optimal filing status based on your specific situation with those dependents.

Have you been tracking your business expenses throughout the year? I was in your shoes last tax season - similar income from gig work, two kids, and worried about a big tax bill. The thing that saved me was having detailed records of all my business expenses. Do you have a system for tracking mileage, home office, supplies, and other deductions?

I was in exactly your position last year with $56,432 in gig income and 2 dependents (17 and 14). I had only paid $3,780 in estimated taxes throughout the year and was terrified I'd owe thousands more. After properly claiming all my business deductions and the Child Tax Credit for my younger dependent, I ended up owing just $412 additional. The key was documenting exactly 11,243 miles driven for business, $2,187 in home office expenses, and $1,356 in supplies/equipment. What a relief when I finally got everything sorted out!

Have you considered these important factors for gig workers?: • Self-employment tax (15.3% on net earnings) • Quarterly estimated tax payments • Business expense deductions • Potential home office deduction Also, how much have you already had withheld or paid in estimated taxes this year? That's the critical piece to determine if you'll owe more.

I'm a bit confused about your question - are you asking if you'll owe taxes when you file your 2023 return now, or are you planning ahead for 2024? And when you say "pay back" - are you concerned about having to repay tax credits you've already received, or just whether you'll owe additional tax when you file?