Question

Can I bypass the Self Employment credit that reduces my income, and just pay more in taxes?

Forum|Forum|3 years ago
July 16, 2022
4 replies
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TurboTax Self Employed Online

S

SweetieJean

Employee

Why do you want to do that?

N

NCPERSON1

@siddiq814 what credit specifically are you asking about? any credit would not lower you income, it would lower the tax liability. and as asked, why would you want to do that?

S

SweetieJean

Employee

Self Employment credit that reduces my income.

A credit reduces your taxes, not your income. Are you asking about the credit for individuals who could not work due to COVID-19? If so, I don't believe you are required to take it, even if you qualify.

New IRS form available for self-employed individuals to claim COVID-19 sick and family leave tax credits under FFCRA | Internal Revenue Service

S

SweetieJean

Employee

If, however, you are asking about self-employment expenses, you are required to claim these.

M

Mike9241

what year are you working on? for 2020 there was an option to defer self-employment tax. the deferment was not required. but you need to answer the questions correctly for Turbotax not to defer the tax.

M

mesquitebean

Employee

@siddiq814

Or are you asking about the Qualified Business Income (QBI) deduction?

In other words, with such little information we don't know the context of your question, so all we can do is guess. You should explain your situation in more detail--including exactly what you are referring to, and why you are asking the question. What is the root of the issue, and what are you trying to achieve?