How to Read Form 1040????

[lilcupcakes09]

From my tax forms from last year, how do I know whether I claimed a loss or profit??
I have a part time job and was given a W-2, this amount is listed under wages and salary.
My total business income from daycare is listed on schedule c-line 1, then on the same page, on line 31, it says my profit is $1152.00. So I'm thinking last year I claimed this small profit after all my deductions??
The part that confuses me though is I still didn't owe anything (thankfully), I still received a refund.....
Am I reading this right??

[MyAngels]

Your business profit (or loss) will be shown on line 31 of Schedule C, and also on line 12 of your form 1040. If it's a loss it should be in parentheses.

[TomCopeland]

Loss

MyAngels is correct. The reason why you don't owe any taxes is because whatever amount that was withheld from your W-2 job was enough to cover your federal income taxes (which are probably very low). You do owe Social Security taxes on the $1,152 of profit, but this will amount to $153. You W-2 withholding probably covered this as well.

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