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Level 1

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 20

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 1

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 20

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 1

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 20

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 1

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 20

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 1

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.