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Self employed tax credit

I want to file the self employed tax credit. How do I amend my previous tax returns to include the credit? What actual button do I press or selection do I make to get to it?

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4 Replies

Self employed tax credit

There is no federal credit for the SE tax. For federal, you get a deduction for 1/2 the SE tax (automatic). Also, you may qualify for Qualified Business Income Deduction (199A). Based on what you enter, Turbotax should take you through the required parts. 

 

There are credits based on earned income. Most require a qualifying child.

child credit and additional child credit form 8812

child and dependent care credit form 2441

earned income credit (no child dependent required but your adjusted gross income must be under the threshold)

 

If you're working on 2024, certain sections may not be complete. 

Self employed tax credit

What credit do you mean?  Health insurance for a self-employed person?  Do you qualify?

 

The deduction/adjustment for SE taxes is automatic. 

rjs
Level 15
Level 15

Self employed tax credit

There is no such thing as the "self employed tax credit." The credits that people incorrectly call the Self-Employed Tax Credit or SETC are only for 2021. See the following links on the IRS web site for information.


IRS warns taxpayers about misleading claims about non-existent "Self Employment Tax Credit"


Tax Credits for Paid Leave Under the American Rescue Plan Act of 2021

 

rjs
Level 15
Level 15

Self employed tax credit

In TurboTax for 2021, click the Federal Taxes tab, then Deductions & Credits. On the screen "Your 2021 Deductions & Credits," scroll down to "Tax relief related to COVID-19." Under that heading, click the Start button for "Self-employed sick leave credit" or "Self-employed family leave credit."


To have any chance of getting a refund for either of these credits, you must file your 2021 amended return by April 15, 2025.

 

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