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Self employed
EDIT: Sorry for the double post. I was trying to edit my previous reply, and somehow ended up reposting it and don't see a delete option.
Thank you for your reply. I'm sorry, I thought I was understanding this form more, but I am not seeing why line 1a is other money received not reported on a 1099NEC or 1099MISC. Why is line 1a not just the income I received from being self-employed minus business expenses?
So the only deductions I'll need to include for net SE income are business expenses and health care premiums? Or just business expenses?
And do you mean the ACA premium tax credits I'm receiving count as income? Do I add them to my net earnings from self employment? The adjusted gross income? The taxable income? For the purposes of just calculating this quarterly tax, what do I do with them?
And your income after deductions, must be greater than 100% of poverty level in order to qualify for ACA credits, phased out at certain levels, depending on law in place for 2023 tax year.
This is concerning. When I applied for ACA insurance, I thought estimated income just meant my estimated income without any sort of deductions or expenses factored in. After reading what you've said, now I understand that I should've used adjusted gross income. I really need to figure out what my SE tax and adjusted gross income will be, both for these quarterly payments and for ACA now, apparently. Oh my.
My only income is a 1099NEC form. I don't have any special situations, apart from the ACA. I think I've got an idea of what to include for adjusted gross income now, if I just knew what to do about the ACA part.