1099er...Erroneous entries on SE Form

taxpoor77 · ‎July 19, 2021

On my 2020 TurboTax return...on the printable PDF...I have two entries that seem very odd; and which I did not enter any info for (AND...they're both in a different font than the rest of the typewriter-like text/#'s...???)

The first is on Line 7 of SE Part I (Maximum amount of combined wages and self-employment earnings subject to social security tax)...listed as $377,700.

The second is Line 14 of SE Part II (Maximum income for farm optional method)...listed as $5,640.

I'm not a farmer (I'm an independent insurance inspector)...& I had no farm income whatsoever.

I'd like to figure out what these two entries mean...or if they're even legitimate...before I send this (already late) return of to the IRS. Anyone know anything about this?

thanx in advance,

77

DoninGA · ‎July 20, 2021

Those amounts are pre-printed on the Schedule SE based on the Internal Revenue code.

Line 7 on Schedule SE is $137,700 which is the maximum amount of earned income subject to Social Security tax.

Line 14 on Schedule SE is $5,640 which is the maximum amount for the Optional Method to figure net earnings from farm income.

IRS Schedule SE - https://www.irs.gov/pub/irs-pdf/f1040sse.pdf

taxpoor77 · ‎July 20, 2021

Ah ha...!!!

thanx much

jon90 · ‎April 18, 2023

Looking through my forms I see

Optional Methods To Figure Net Earnings

Farm Optional Method.

I don't have a farm. My self employment is sales. I have never selected anything about a farm.

Please help before I file. It is showing on Schedule SE.

Is This correct or an error?

JulieS · ‎April 18, 2023

Schedule SE is used to figure your self-employment tax, whether you operate a farm or another type of business.

The section for Farm Optional Method, has $6,040 on line 14. This is part of the preprinted form. As long as you don't have a figure on line 15, the Farm Optional Method has not been used on your tax return.

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1099er...Erroneous entries on SE Form

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