I'm 66, retired, receive a 1099-k & 1099 Misc. Do I need to pay into Social Security & Medicare. I use TT and am not prompted to do so??
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 2

I'm 66, retired, receive a 1099-k & 1099 Misc. Do I need to pay into Social Security & Medicare. I use TT and am not prompted to do so??

 
8 Replies
Level 15

I'm 66, retired, receive a 1099-k & 1099 Misc. Do I need to pay into Social Security & Medicare. I use TT and am not prompted to do so??

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?
Level 2

I'm 66, retired, receive a 1099-k & 1099 Misc. Do I need to pay into Social Security & Medicare. I use TT and am not prompted to do so??

Thanks much. I appreciate your input. I have a net loss.
Level 15

I'm 66, retired, receive a 1099-k & 1099 Misc. Do I need to pay into Social Security & Medicare. I use TT and am not prompted to do so??

If you have net loss then there are no Self-Employment taxes owed (SS & Medicare)
Level 2

I'm 66, retired, receive a 1099-k & 1099 Misc. Do I need to pay into Social Security & Medicare. I use TT and am not prompted to do so??

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!
Level 15

I'm 66, retired, receive a 1099-k & 1099 Misc. Do I need to pay into Social Security & Medicare. I use TT and am not prompted to do so??

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.
Level 2

I'm 66, retired, receive a 1099-k & 1099 Misc. Do I need to pay into Social Security & Medicare. I use TT and am not prompted to do so??

Thank you...
Level 15

I'm 66, retired, receive a 1099-k & 1099 Misc. Do I need to pay into Social Security & Medicare. I use TT and am not prompted to do so??

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.


Level 2

I'm 66, retired, receive a 1099-k & 1099 Misc. Do I need to pay into Social Security & Medicare. I use TT and am not prompted to do so??

Thank you. I appreciate your input. It seems that it hinges on having a net profit.
Dynamic Ads
v
Privacy Settings