DaveF1006
Expert Alumni

Get your taxes done using TurboTax

it depends.  The reason why it is asking you to enter an amount in line 18 is that because of COVID, the IRS is offering a break for the Self-Employment tax. So if your net profit was $48,000 for the year and if most of that was made before March 27, this will lessen the self-employment tax you would need to pay for the year. 

 

For a real life example, if you made $48,000 but $40,000 was made before 03/27, you would put $8000 in the that entry. This will prove to the IRS that you had a loss of income from 03/27-12/31. This is something that you will need to determine and decide what amount to record.

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