Hal_Al
Level 15

Retirement tax questions

Yes. The self employed pay Social Security and Medicare taxes as Self employment tax (SET),  rather than as "FICA".

SET is calculated on schedule SE and reported on line 57 of form 1040.

If you entered the income as self employment income, with or without a 1099-Misc, TurboTax will automatically handle that.

When you reach full retirement age,  there will be no reductions in your benefit if your continue to work. This is frequently misunderstood to mean that your Social Security  benefit won't be taxed or other income is not subject to FICA or SET. That's not correct.



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