Schedule SE, 4b

Forum|Forum|1 year ago
February 25, 2025
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Self Employment Tax, Schedule SE, 4b Not electing one or both of the optional methods from Lines 15 & 17...@ Negative <0 on Lines 2 and 3...Is this correct?

Ask the Experts - Lyft - Feb 2025

DawnC

Level 15

Can you clarify your question? Lines 2 and 3 will be populated with your self-employment income if you are not electing an optional method.

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DAD02Author

Level 2

Hello DawnC,

Optional Methods Lines 15 & 17 wouldn’t apply ?

(Maybe Confused), because Line 15 (No farm involved) and 17 (and b you had net earnings from self employment…for 2 of the prior years. Answer is No)

Sch C, Line 7, is $5878.66— less than $7,493 and less than 72.189%. Yes this applies

If continued, 2/3 of $5878.66= $3919.10

Would $3,919.10 be on Lines17 & 4b?

MaryK4

Level 15

To use the nonfarm optional method, you must be regularly self-employed. Your actual net earnings from self-employment must be $400 or more in 2 of the 3 consecutive taxable years immediately preceding this year. @DAD02

See Instructions for Schedule SE (Form 1040)

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