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Business & farm
Is the amount on Line 17 of Schedule 1 correct? The deduction does not go on Schedule C; it gets deducted on Form 1040 - Schedule 1. The self-employed deduction directly reduces your income, whereas the itemized deduction goes to Schedule A and is limited (less tax benefit).
Generally, you can use the worksheet in the Form 1040 instructions (that is what TurboTax used for your return) to figure your deduction. However, if any of the following apply, you must use Form 7206:
- You had more than one source of income subject to self-employment tax.
- You file Form 2555.
- You are using amounts paid for qualified long-term care insurance to figure the deduction.
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‎April 17, 2024
6:11 PM