Yes. TurboTax calculates your self-employment (SE) tax on Schedule SE based on your net profit reported on your Schedule C(s). That amount is automatically reported as "Other Taxes" on your of Form 1040. Fifty percent of that amount is automatically entered as an “adjustment to your income” (tax deduction) on your Form 1040. There is nothing that you need to do.
Please review the TurboTax article The Self-Employment Tax for more information.
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