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April 14, 2022
Question

Deduction

  • April 14, 2022
  • 1 reply
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I have W-2 for $350 as student and 1099-NEC for $5000 for Research Grant. Using Standard Deductions. TurboTax calculating $707 Federal Tax. Don't understand how possible since income below Standard Deductions. Is this TurboTax error?

    1 reply

    April 14, 2022

    As self employed you must pay self-employment tax and file Schedule SE if 

    your net earnings from self-employment were $400 or more.

    Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves.

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