Hal_Al
Level 15

Get your taxes done using TurboTax

Q. Do I claim this?

A. Yes.

 

Q. Will it hurt me or help me?

A. The great American tax system is complicated.  The income is subject to both income tax and self employment tax (SET).  SET is how the self employed pay social security and Medicare tax on their SE earnings. 

But the income is classified as earned income and may qualify you for more refundable EIC (earned income credit) and/or more additional child tax credit. 

 

Enter your regular income first and note the result.  Then enter your self employment and observe the change. Or you can use this tool to compare https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1