I am recently retired and did a small amount of consulting. I paid self employment taxes along with income taxes. I think I can just report the consulting fee income in Turbo Tax Deluxe (no expenses). Do I include the self employment taxes paid?.

[VolvoGirl · Accepted solution]

What  year did you pay the SE taxes?  How?  On your 2021 return?  The SE tax was included in your  1040 return.  Or did you pay Estimated taxes to cover the SE tax?  

Yes,  You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or any of the Desktop programs. But you will get the most help in the Home & Business version.

How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% 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 1040. The SE tax is already included in your tax due or reduced your refund. The SE tax is in addition to your regular income tax on the net profit.

[blamers53005]

Thanks.  I paid quarterly estimated taxes (Self Employment and Income taxes) in 2022 for the 2022 return.  My estimates broke down the 2 types of taxes paid although my quarterly payments were combined into one payment.  I THINK Deluxe adds the self employment tax liability into the taxes due so I would need to include the self employment tax estimates paid also.   Correct?

[DaveF1006]

It depends. Your total tax liability has your self-employment tax included and combined on line 24 of your 1040. In this respect, since your quarterly payments are combined you won't separate out your self-employment tax estimates since these are already included in your total tax liability.  

[VolvoGirl]

Yes you need to enter the quarterly estimated payments you made.

To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January for the prior year, go to

Federal on left or at top. Personal (Home & Business)

Deductions and Credits at top

Then scroll way down to Estimates and Other Taxes Paid

Estimated - click the Start or Update button

Did you also send in State Estimates?  You enter state estimated payments under the federal side (because they can be a federal itemized Deduction). THEN after you finish filling out the estimates under Federal you need to click on the State Tab at the top and start the state return over for it to update.