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taxpoor77
Level 1

1099er...Erroneous entries on SE Form

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,

 

77

2 Replies
DoninGA
Level 15

1099er...Erroneous entries on SE Form

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

taxpoor77
Level 1

1099er...Erroneous entries on SE Form

Ah ha...!!!

 

thanx much

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