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
04152
4 Replies
DoninGA
Level 15
Jun 15, 2021 10:42:31 AM
Deleted answer
VolvoGirl
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.
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.