Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Jun 15, 2021 10:31:34 AM

I was reviewing my tax return and noticed Line 7 said 137,700. I did not make that much last year! What's going on??

It's for the Schedule SE Self Employment Tax

0 4 152
4 Replies
Level 15
Jun 15, 2021 10:42:31 AM

Deleted answer

Level 15
Jun 15, 2021 10:44:04 AM

That is just a prefilled amount for the max amount subject to Social Security Tax.  If your total W2 and SE income is more than that you don't pay SS tax on the amount over.  If your income is less then box 7 doesn't figure into it.

 

See it's even on the blank IRS SE form

https://www.irs.gov/pub/irs-pdf/f1040sse.pdf

Level 1
Jun 15, 2021 11:54:04 AM

So it's not saying I made that much?

Level 15
Jun 15, 2021 12:06:59 PM

Right.  That is not how much you made.  That is just the MAX amount the SE tax is based on if you made more than 137,700.    Don't worry about it.   It is on everyone's return.