Both employed and self-employed - $5-6K as SE, $60K as employee. Can I use TurboTax Home & Bus for the whole thing, and skip estimated taxes? How to know? See details.

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

My SE income is from various sources, not just one. If I fill out the TurboTax (TT) self-employment module in the Home and Business edition, does that cover income tax, social security and medicare for the SE income? Will TT consolidate everything, or do I need to file two different tax returns? During the first half of the year, I used my home office for both SE and regular employment at my employer's request. Now it's just for SE. How to file that in TT?

TurboTax Self Employed Online

Best answer by TomYoung

When you prepare Schedule (or Schedules) C TurboTax automatically calculates both the "income tax" effect as well as the "SE Tax" effect and puts those numbers on your Form 1040. No need to file two separate income tax returns.

As far as the home office issue goes you'll simply have to carefully allocate the expenses between your efforts as an employee and your efforts as an independent contractor. You'll work through separate interviews for "employee" and "independent contractor." I'd advise scheduling all this out on your own before working through the interviews just so you can "prove" the final numbers; the interviews can be confusing.

Tom Young

T

TomYoungAnswer

Employee

When you prepare Schedule (or Schedules) C TurboTax automatically calculates both the "income tax" effect as well as the "SE Tax" effect and puts those numbers on your Form 1040. No need to file two separate income tax returns.

As far as the home office issue goes you'll simply have to carefully allocate the expenses between your efforts as an employee and your efforts as an independent contractor. You'll work through separate interviews for "employee" and "independent contractor." I'd advise scheduling all this out on your own before working through the interviews just so you can "prove" the final numbers; the interviews can be confusing.

Tom Young