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aueagle93
New Member

I am using turbo tax and inputting my Self Employment -Income - but its not deducting the taxes I should owe - how do you get turbo tax to calculate the taxes?

 
3 Replies
DMarkM1
Employee Tax Expert

I am using turbo tax and inputting my Self Employment -Income - but its not deducting the taxes I should owe - how do you get turbo tax to calculate the taxes?

Your return will automatically update as you progress through the interviews.  Once you have entered your self-employment income and expenses, if applicable, "Continue" all the way through the self-employment topic and click "Done" and then "Wrap up Income" to be sure all the updates trigger.  

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aueagle93
New Member

I am using turbo tax and inputting my Self Employment -Income - but its not deducting the taxes I should owe - how do you get turbo tax to calculate the taxes?

I did that - went though all the questionaries' and push done and moved on to the next phase but it still did not calculate the taxes I owe

BillM223
Employee Tax Expert

I am using turbo tax and inputting my Self Employment -Income - but its not deducting the taxes I should owe - how do you get turbo tax to calculate the taxes?

As noted above, the taxes are calculated automatically as you enter your data (although sometimes things get a little out of sequence). But if your Schedule C is showing a profit, then there should be both federal income tax as well as self-employment tax (Schedule SE).

 

Please tell us what appears on line 4 of Schedule 2 (1040), and also what appears on line 3 of Schedule 1 (1040).

 

Even if you have not paid for your return yet, you can see at least the 1040 and its three schedules (if you have them).

 

To do this, if you are using the Online product, look to the left and click on Tax Tools, then click on Tools underneath it, then click on View Tax Summary in the center of the screen, then back on the left, click on Preview my 1040.

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