1377658
You'll need to sign in or create an account to connect with an expert.
That does seem high, it should be up to 25% of your net earnings.
Did you also pay yourself a salary?
No I am a sole proprietor. that was the profit after expenses 75891 and when I put that in it liked out 28302 which is deftly over 25%
You've entered your net profit of $75,891 twice. Remove one of those entries. If you received a Form 1099-MISC showing this income, box 7 of that one 1099-MISC form in TurboTax is the only place you should have entered the $75,891.
The maximum permissible is 20% of net earnings, not 25%. Net earnings is net profit minus the deductible portion of self-employment taxes.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
CTinHI
Level 1
user17522839879
New Member
brad-gerstein
Level 1
dibbeena1
Level 2
grgarfie
New Member