Self employed

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Software Bug: During my tax preparation, I encountered a labeling issue related to income averaging. While TurboTax correctly calculated my taxes, it incorrectly displayed a category labeled “Business Taxes (Income Averaging)” with an amount associated, even though I did not qualify for or utilize income averaging and no Schedule J was included in my forms. This mislabeling caused confusion and required additional review to confirm accuracy. I believe this may be a bug in the software, and I hope it can be addressed in a future update to prevent similar issues for other users.

A main taxpayer has earnings over the $200k medicare W/H threshold and has add'l medicare W/H properly withheld from their paycheck and included in their W-2. Spouse has self employment earnings and properly completes Sch C and has self employment social security (12.4%) and medicare taxes (2.9%) calculated on Sch SE-S and included on Schedule 2. On Sch 8959 Part I, the main taxpayer actual additional medicare tax is properly calculated based on the $250K medicare threshold. On Sch 8959 Part II, the spouses self employment income from Sch SE-S is also subjected to the additional Medicare Tax (.9%).Why would her self employment earnings be subjected to additional Medicare Tax?Any input is appreciated.

Form 2210AI

What do put for line of work? and how to get to the section to add this information?

If over 70 with Schedule C business income, am I limited to an $8,000 SEP contribution for 2024? TurboTax calculated the maximum at $22,000, but Schwab states I'm limited to $8,000. Please advise.

I'm 66, self employed using TT Home & Business. It showed I could contribute $21,880 to a Sep Ira and $19,795 to a traditional Ira. Fidelity says I can only contribute $8000 to a traditional Ira. I submitted my return via TT and now feel like a calculation error was encountered.  Please help if you can!  Thanks much...

This client changed her payroll system mid-year in 2024. I actually have two forms. Other contractors have had issues too. I'm trying to file today and I won't have a response from her until Monday.

We didn't receive a 1099-misc for 2024 (that we know of) but TurboTax has a tax id number on the page.

It is for Oregon paid leave but is not a 1099-G

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I am self-employed contractor using Home and Business. Am I supposed to enter the 1099 nec that I paid to my subs under "contract labor" in the business expenses section or should I enter them in the personal incomes section where it has a section for 1099 nec. Thank you in advance.

I am using TT premier desktop edition.I have a side business with about 100k income. I received a 1099-MISC (about 100k) and a 1099-NEC (about 1k). I have always been able to deduct my home office in the past with HR block. I initially made the mistake of creating 2 businesses out of these two 1099s. I realized the mistake and deleted one. So I had a combined biz income of about $101k. I entered various deductions (car, phone, office supplies etc) which were accepted by TT. However, when I tried to deduct my home office, TT says I can't deduct my home office because of my net biz income was zero or less. However, this is clearly not true.I went to forms.  Schedule C, line 29 shows a profit over 90k. Line 30 showed zero home office deduction.I then went to form 8829. Under "simplified method smart worksheet" line A, gross income limitation was -$8973.I am not sure where TT got the negative $8973 from. I assume it was from my initial mistake of entering 2 businesses and it used

a 43% tax is too high

How do I file taxes as a minister

Is it ok if i just add a Schedule C?

The odd thing is that the 2024 software was properly working on my laptop at some point. Something has gone wrong. When I now try to launch the software an error message (no code #) pops up and it gives me the option to send feedback to Intuit, which I have, or to cancel and continue. Once I hit cancel, the software just terminates.  I have uninstalled and reinstalled (3 times now) TurboTax 2024 directly from my Intuit account. Yet, this does not solve the problem. My laptop which is running Windows 11 (always up to date with software, etc.). I have tried to "run as administrator" which does not solve the problem.I called Intuit and they were not helpful at all. Please help. PS - Other versions (2022 and 2023) of TurboTax launch properly on my laptop.

What should I select from the drop down so this income isn't taxed?

My local County Office of Education has a program where they give you a stipend for completing college classes towards an education degree. They also give a lump sum when you complete an associates or bachelors degree. This money goes to me not to my college so they sent me a 1099-NEC. I'm a full time student living at home (dependent) and seem to owe a lot of taxes on this both Federal and State.I'm trying to work out if I've entered this correctly. I don't work for them. I submit an application, send in my grades and they send me a check.

We receive a payment from the utility of we generate more electricity than we use over the course of the year. The amount is less than the $600 required to generate a 1099-MISC. If I try to enter the amount as a 1099-MISC anyway (as you would for interest earned less than $10), the software requires an EIN which the utility will not provide.

For the first quarter I am a Sole-Proprietor (SP) and starting in April I am ending that business and will be employed by a corporation. I understand that my 401K "base" and catch-up are not to exceed $31k (over 50). My question is around other ways to fund retirement if I can exceed $77,500 total which I believe is the maximum Qualified Limit. My employer will match some amount, and my SP can match some amount and I can also use After-Tax ROTH as well to meet the $77,500. Can I exceed that because two different business as matching? and if I have profit sharing from my SP business, can I also use that as well either into a retirement account or a brokerage account? I've never had to deal with my own business in the same year as being employed so not too sure how all this adds up, and my limits.

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Form is asking for payer ein number and form only gives me a TIN number.