Solved: We are dismayed to find that our tax credit isn't being applied to the self-employment tax for my LLC (disregarded entity)! Why not?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

We are dismayed to find that our tax credit isn't being applied to the self-employment tax for my LLC (disregarded entity)! Why not?

2018 is the first year it has had enough profit to owe taxes, so we have not encountered this before. We were expecting our tax credit to cover that amount (nearly $2000).  Is there anything we can do to adjust this?
1 Best answer

Accepted Solutions
Level 15

We are dismayed to find that our tax credit isn't being applied to the self-employment tax for my LLC (disregarded entity)! Why not?

Tax credits can never offset self employment taxes. Tax credits can only offset income taxes. There is nothing you can do. 

View solution in original post

1 Reply
Level 15

We are dismayed to find that our tax credit isn't being applied to the self-employment tax for my LLC (disregarded entity)! Why not?

Tax credits can never offset self employment taxes. Tax credits can only offset income taxes. There is nothing you can do. 

View solution in original post

Dynamic Ads
v
Privacy Settings