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Deductions & credits
TurboTax automatically excludes unemployment income of up to $10,200 if your adjusted gross income is below certain thresholds. However, this exclusion only affects your unemployment income. It does not affect your self-employment income, so you will still be paying taxes on the total of your self-employment income. It is still income to you, that portion is just not included as taxable income on your tax return.
You pay both ordinary income tax and the Self-Employment Tax on your self-employment income. Unemployment is not considered self-employment income.
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‎April 8, 2021
8:28 PM