topic I filed an amend because I forgot I would be getting a 1099-misc. I now owe $91. Is this a fee for making a change to my taxes or because I made money on my 1099-misc? in After you file

I filed an amend because I forgot I would be getting a 1099-misc. I now owe $91. Is this a fee for making a change to my taxes or because I made money on my 1099-misc?

vanessa-brooks65 — Sat, 01 Jun 2019 04:57:02 GMT

If you amended your return to report the 1099 income and...

WillK — Sat, 01 Jun 2019 04:57:04 GMT

If you amended your return to report the 1099 income and now it states you owe, it is because you added more income in. It is not a fee for making changes to you taxes.

What did you get a 1099Misc for? Was it for working like...

VolvoGirl — Sat, 01 Jun 2019 04:57:05 GMT

What did you get a 1099Misc for? Was it for working like freelance, contract labor, independent contractor, etc? Those are all self employment income.

Self Employment tax (Scheduled SE) is generated if a person has $400 or more of net profit from self-employment on Schedule C. You pay 15.3% for SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire. You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040. The SE tax is already included in your tax due or reduced your refund. It is on the 1040 line 57. The SE tax is in addition to your regular income tax on the net profit.