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I need to report earnings of $1440 in order to allow my

I need to report...

I need to report earnings of $1440 in order to allow my husband to get health insurance. My job as a public school teacher in Texas does not deduct social security. I need on quarter. I am using Turbo Tax and I have $1920 I have earned from starting a small business. How do I report that to Social Security?

Accountant's Assistant: Have you talked to a TX lawyer about this?

Only the woman working at the glass-covered windows in the SS office last May. This is what she told me.

Accountant's Assistant: What steps have you taken so far?

I earned the money and reported it as Busienss Income and Expenses. business

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I can think of now. I need to know how/if the IRS will report my $1920 to Social Security or do I need to do something else from here Thank you

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Answered in 18 minutes by:
3/18/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,683
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there.

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The business income and expense flows from Schedule C to the Schedule SE on your tax return.

...

The SE stands for Self-Employment tax, which is how self-employed people pay their Social Security and Medicare taxes.

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Customer reply replied 4 months ago
Hello, Lane. I'm using Intuit Turbo Tax Home and Business. I'm in the middle of it all. I assume that you do not have working knowledge of all tax prep computer programs, but do you think my measly little business income of $1920 show up on a Schedule SE automatically once the entries are finished or will I need to search for it?

It will ... as long as you enter the income and expense on the Schedule C (which is where you'd report that kind of income) .. bear with me a minute, and let me see what I can find here

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See this:

...

"Schedules C and C-EZ are supported in TurboTax Self-Employed (online and mobile app) and in all personal 1040 versions of the TurboTax CD/Download software.

To set up your business:

  1. Open (continue) your return, if you don't already have it open.
  2. Inside TurboTax, search for schedule c and click or tap the "Jump to" link in the search results.
  3. Answer Yes to Did you have any self-employment income or expenses? or Did you have any income and expenses for a business in 2017? and follow the onscreen instructions."
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,683
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 months ago
Awesome! I believe I did that! Thank you so much for your help. I appreciate your answer and I will triple check my numbers. My husband is a Canadian citizen, but is a Permanent Resident of Texas. As a Texas teacher, I do not qualify for Social Security payments and must pay into Teacher Retirement Fund. I KNEW for a very long time that I had "earned" 40 quarters of Security working "other" jobs as I taught for 47 years. Still a teacher, I also THOUGHT I could "give" him my Social Security benefits, but the "woman sitting behind the glass at the SS office" told us that I STILL needed another ¼ of income to be recorded, and wait until this May of 2018 to get him covered by some kind of policy since he left the "cradle to grave" Canadian system. Now, with your help, I feel like I've covered most all of the bases! Thank you, Sally

You're very welcome. Thanks for the rating.

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Customer reply replied 4 months ago
I even thanked you on Facebook, too!

Wow - above and beyond! - Thank you

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Lane
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