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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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why is my SE tax almost 3 times what it was last year

Customer Question

My 1099 income was significantly higher, but my expenses and deductions were also much higher. I don't figure to owe any income tax, but my SE tax is 3 times what it was last year. Please help....
Submitted: 11 years ago.
Category: Tax
Expert:  Jon Andrews replied 11 years ago.

SE tax is based strictly on "net income from trade or business". If it is 3 times higher this year, the only cause is that your "net income" from your business is 3 times higher than it was last year. If that does not describe your actual situation, you could have a miscalculation in the SE tax - either by the preparer or by the software.


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Customer: replied 11 years ago.
Reply to Jon Andrews's Post: Where on the 1040 will i find that #? I am using turbotax, and my gross and adjusted gross are both lower thatn last year.
Expert:  Jon Andrews replied 11 years ago.

Your net business income should show up on line 12 of the 1040. There are some other possible additions but, based on what you have previously posted, that is where you should look first.


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Expert:  Jon Andrews replied 11 years ago.

Were you able to make a determination? If not, please post some additional info and I will try to help you figure it out. Additional information that would be helpful would include - each line item from page 1 of your return, the gross from your 1099, what business expenses you have, and any other circumstances that you think would help me understand your situation.


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