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Deductions & credits
Your tax liability minus credits. You don't get credit against the SE tax. The SE tax is form 1040 line 21.
Form 5695 Line 31 has a worksheet on page 7 of Instructions for Form 5695. It begins with your tax from 1040 line 18. You can see child care, education, foreign tax credit, retirement and more comes into play.
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March 31, 2025
6:57 PM
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