I file jointly with my wife, after entering schedule C for my business Turbo tax shows I'm due refund, what about self employment tax?

[SSS]

I file jointly with my wife, after entering schedule C for my business Turbo tax shows Im due refund, what about self employment tax?"

[VolvoGirl]

You must have had enough withholding or paid estimates to cover the self employment tax.  Or you had a loss on schedule C?  Look at your return and schedules.  You should be able to figure out why.  Switch to Forms Mode and look around.

See if you have the SE tax listed on Schedule 4 line 57. Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 27.   The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 Schedule 4 line 57 which goes to 1040 line 14.  The SE tax is in addition to your regular income tax on the net profit.

[SSS]

Many thanks for the info. I have not paid the self employment tax yet... but from the 1040, it looks like they have offset it with the refund (QBI?).  When I input spouse's  income and taxes paid, I will get a much better info. Many thanks again.

[Coleen3 · Accepted solution]

Your SE tax is already calculated on your profit once you enter your SE income and expenses. It will be included in the final refund/balance due. You can see your 1040 by selecting Forms Mode and then the 1040.

To switch to Forms Mode, open your return, and then click the Forms icon in the upper left corner of your screen (or choose Go to Forms from the View menu at top).

The Federal Information Worksheet will display and all the forms in your return will be listed on the left side. Simply click a form to open it.

To switch back to the interview, click the EasyStep icon in the upper left corner, or choose Go to EasyStep from the View menu.