Your self-employment as a consultant means you will have self-employment tax for Social Security and Medicare. Not sure why you are mentioning "long term gains."
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-self-empl...
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
https://www.calcxml.com/calculators/self-employment-tax-calculator (non-TT site)
You do not mention your age---we do not know if you are now receiving Social Security benefits or some other kind(s) of retirement income. Depending on your other sources of income, your Social Security might be taxable.
Before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. For 2025 it will be $23,400
https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable
You need to file a federal return if half your Social Security plus your other income is
Single or Head of Household $25,000
Married Filing Jointly $32,000
Married Filing Separately $0
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
