Why didn't my $6000 deduction get applied to my 1099-NEC income?
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TurboTax automatically calculates the additional senior deduction based on your date of birth and your income. You will see it on Schedule 1a, line 13b of your 1040 form. There is nothing extra that you need to do.
Taxpayers who are 65 and older may qualify for the additional deduction of $6,000 ($12,000 for MFJ). To be eligible for the additional deduction, you must meet the eligibility criteria below:
Review the TurboTax articles Tax Counseling for Seniors and the IRS Fact Sheet Deductions for Seniors for more information.
Other:
It is automatically applied for the purposes of the regular income tax....
...but if you had a profit from your SE income, the SS and Medicare taxes are still due, even if your regular taxable income is reduced to zero.
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