When you add your self-employment income it can affect other things. For one thing, you are subject to a self-employment tax of about 15% on your net self-employment income, in addition to your income tax. Also, the addition of your income may lower the amount of tax credits and raise the portion of your income taxed at your highest marginal tax rate.
I suggest you look at your form 1040 and schedules 1 to 3 to see what is changing when you add your self-employment income.
To view your form 1040 and schedule 1 to 3:
- Choose Tax Tools from your left menu bar in TurboTax Online while working in your program
- Choose Tools
- Choose View Tax Summary
- See the Preview my 1040 option in the left menu bar and click on it
- Choose the Back option in the left menu bar when you are done
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