Do you have a net profit from your self-employment income as shown on Schedule C Line 31 and reported on Form 1040 Line 12?
If you have net loss then there are no Self-Employment taxes owed (SS & Medicare)
Thank you. You've been a great help! Do you know whether TT Home & Biz will prompt me should I have a net profit? I appreciate your time!
The program automatically calculates the SE tax if you have a profit ... there is nothing that you need to do... before you file the return REVIEW the entire return carefully.
Yes, you will pay SE taxes on any Sch C profits ...
To enter your self employed income & business expenses:
1. Type “Schedule C” in the Search box.
2. Select the “Jump to” link.
o If this is your first time working in this section: You’ll be asked some questions about your self-employment work, and then have a chance to enter your expenses.
o If you have already entered some information about your self-employment work:
§ Select Edit next to your business, and confirm your general business info if asked.
§ Select Add expenses for this work OR, if this your first time entering expenses, select Continue on the Let's get the deductions...screen.
§ Follow the screens to enter your expenses.
TurboTax CD/Download Home & Business - Follow these instructions to enter your expenses.
Additional Information
Remember to enter 1099-MISC, 1099-K, cash, and personal check income from your self-employment.