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Business & farm
Thanks @VolvoGirl. To answer your question, there is a section in TurboTax called "Business Taxes" and one of the sub-options is "Self-Employment Tax." When I click on it, it says I am not currently required to pay self-employment tax. It doesn't say so, but I assume this is because the expenses for my sole proprietorship exceeded my revenue for 2021. But then it asks me if I "want to work on [my] self-employment tax anyway" - and I'm not sure how to respond. In other words, do I not fill this out because I had a net loss. Or do I fill it out because I want the loss to be able to offset my spouse's (W2) income. ...
‎February 18, 2022
6:05 AM