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snlarrabee
New Member

I entered all expenses and income. the "Self-employment income and expenses" section says -$1304.00... I only made $1896. Do I owe $1304.00??

Our business is a sole proprietorship, so it is being filed with our personal return, and we only started it 3 months ago.
2 Replies
Critter-3
Level 15

I entered all expenses and income. the "Self-employment income and expenses" section says -$1304.00... I only made $1896. Do I owe $1304.00??

"our" & "we" ???    By definition a   SOLE proprietorship cannot have more than one person.  So please restate your question ?   And have you entered in all your information yet ?   Did you look at the return yet ? 

 

You can peek at only  the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

                                              

             

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

                    

To pay the TurboTax online account fees by credit card, without completing the 2019 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.

VolvoGirl
Level 15

I entered all expenses and income. the "Self-employment income and expenses" section says -$1304.00... I only made $1896. Do I owe $1304.00??

Where does it show 1304?  Is that the tax due on your return or in the monitor box at the top?  Or maybe the Net Profit on Schedule C?

 

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 (If it is 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.  

 

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.  

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