On my 2020 TurboTax return...on the printable PDF...I have two entries that seem very odd; and which I did not enter any info for (AND...they're both in a different font than the rest of the typewriter-like text/#'s...???)
The first is on Line 7 of SE Part I (Maximum amount of combined wages and self-employment earnings subject to social security tax)...listed as $377,700.
The second is Line 14 of SE Part II (Maximum income for farm optional method)...listed as $5,640.
I'm not a farmer (I'm an independent insurance inspector)...& I had no farm income whatsoever.
I'd like to figure out what these two entries mean...or if they're even legitimate...before I send this (already late) return of to the IRS. Anyone know anything about this?
thanx in advance,
Those amounts are pre-printed on the Schedule SE based on the Internal Revenue code.
Line 7 on Schedule SE is $137,700 which is the maximum amount of earned income subject to Social Security tax.
Line 14 on Schedule SE is $5,640 which is the maximum amount for the Optional Method to figure net earnings from farm income.
IRS Schedule SE - https://www.irs.gov/pub/irs-pdf/f1040sse.pdf