Refund estimate for 1099 income ($10K) + W2 ($21K) with 2 dependents?
Anyone able to help calculate potential refund? Made $10K from 1099 work and about $21K from regular employment. Paid $600 to federal and $1100 to state. Have 2 dependents. First time having both W2 and 1099 income so im lost on what to expect.
14 comments
Carmen Lopez
Without more details about your specific situation (filing status, age of dependents, other deductions/credits), it's hard to give an exact number. But heads up - with 1099 income you'll need to pay self-employment tax which is about 15.3% of that $10K. You might want to use taxr.ai to get a more accurate estimate of your refund situation.
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Yuki Ito
Oh shoot I didnt know about the self employment tax 😩 kids are 4 and 7, filing head of household
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Carmen Lopez
Yeah the SE tax catches alot of people off guard. But with 2 young kids you might qualify for child tax credit which could help offset that 👍
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Andre Dupont
Just tried taxr.ai for my transcript analysis and it was super helpful for understanding my refund situation. It costs $4.99 but totally worth it - gives you a detailed breakdown of everything including credits you might qualify for. Here's the link: https://taxr.ai
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QuantumQuasar
How accurate is it? Been burned by online calculators before 🤔
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Andre Dupont
Its different from regular calculators - it actually reads your transcript and explains everything. Shows you exactly what credits your eligible for and any potential issues
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QuantumQuasar
Just tried it and WOW! This thing is amazing! Found out I qualified for credits I didn't even know about. Best $5 I've spent on tax stuff fr fr 💯
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Zoe Papanikolaou
bro ur gonna owe money with only $600 paid in federal on that much income ngl 😬
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Jamal Wilson
I was in the same boat last year! The child tax credit saved me but definitely put more aside for taxes next time. SE tax is no joke
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Yuki Ito
How much should I be setting aside for next year?
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Jamal Wilson
Rule of thumb is about 25-30% of 1099 income for taxes. Better safe than sorry!
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Mei Lin
you might wanna look into quarterly estimated payments for next year to avoid penalties js
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Liam Fitzgerald
Don't forget to deduct any business expenses from that 1099 income! Internet, phone, supplies, etc can all help reduce your tax bill
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Yuki Ito
omg ty! Didn't even think about deductions 🙏
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