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Get your taxes done using TurboTax
that $11700 NEC can result in a Self-employment tax of about $1600 ($11700 x 15.3% * 92.35%)
you get a deduction for 1/2 so taxable income goes up by about $10,900. if that's taxed at 22% that's about $2400 in additional income taxes. So that $11700 is costing you about $4000 in taxes which would change a pre-entry refund of about $200 to a balance due of $3800
These amounts are approximate and based on the income not affecting anything else in your return.
‎February 2, 2024
9:43 AM