Thank you for answering. That's what I thought, but TurboTax tells me "After applying your deductions, your taxable income is $0. Based on this amount, your total tax before any credits is [equivalent to ~27% of my total income]. This includes self-employment tax of [equivalent to ~27% of my total income]."
This text makes it sound like I shouldn't have any amount viable to be taxed via income tax, so I should have the 15% self-employment tax on my income only, not 27%. There is no option to ask for clarification on this to understand where they are getting the [27% tax] even in the Federal Numbers Breakdown. Am I reading this right? I was almost entirely self-employed this past year so there's no other major income complicating this.
The lack of transparency is killing me. It doesn't list the self-employment tax rate or my tax bracket anywhere on the site. I want to make sure the software is calculating right. I may try another free software to see if the numbers are coming out the same elsewhere...
