Question

If Im self employed

Forum|Forum|4 years ago
April 1, 2022
1 reply
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TurboTax Deluxe Online

What is your question?

You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version or use any of the Desktop CD/Download programs.

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

R

rangda00Author

My specific question is, does the standard deduction apply to the federal tax if I'm self employed, 1099 independentcontractor. Im a consultant. I rarely work. I have no expenses to declare. And I will make under 10k. (I know I have to pay Medicare and social security, im not asking about that). I don't need to know how to file. Thank you

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rangda00Author

Yes, your income is below the taxable threshold for income tax but you are required to pay self-employment tax which is 15.3% on any net income above $400.

Thank you so much.