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Deductions & credits
Thanks. Yes I understand the deductions on Schedule 1 Line 16. But it appears my taxes went up slightly anyway at about 3% of the additional imputed income from the health insurance premium. I think this may have been from the self employment tax for the extra total self employment income which came from the guaranteed payments, which gets taxed at 2.9% after $132,900. Does that sound right?
‎October 18, 2020
9:24 PM