topic Thank you... in Retirement tax questions

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??

tjm613 — Thu, 06 Jun 2019 13:53:55 GMT

Do you have a net profit from your self-employment income...

DoninGA — Thu, 06 Jun 2019 13:53:57 GMT

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?

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

tjm613 — Thu, 06 Jun 2019 13:53:58 GMT

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

If you have net loss then there are no Self-Employment ta...

DoninGA — Thu, 06 Jun 2019 13:54:00 GMT

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...

tjm613 — Thu, 06 Jun 2019 13:54:01 GMT

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 ha...

Critter — Thu, 06 Jun 2019 13:54:02 GMT

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.

Thank you...

tjm613 — Thu, 06 Jun 2019 13:54:04 GMT

Thank you...

Yes, you will pay SE taxes on any Sch C profits ... To...

Critter — Thu, 06 Jun 2019 13:54:05 GMT

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.

Thank you. I appreciate your input. It seems that it hing...

tjm613 — Thu, 06 Jun 2019 13:54:07 GMT

Thank you. I appreciate your input. It seems that it hinges on having a net profit.