See here for more detailed information about Schedule SE.
In TaxSlayer Pro, self-employment tax is automatically calculated based on the self-employment earnings and deductions included on Schedules C and F along with the self-employment income and guaranteed payments indicated on a partnership Schedule K-1, and for many tax returns the Schedule SE menu doesn't need to be visited in the program. However, there are situations that may necessitate directly editing or adjusting Schedule SE:
- The taxpayer has an approved Form 4029 or 4361 exempting them from self-employment tax.
- The taxpayer is a church employee and not a minister or clergy member.
- The taxpayer is a minister or clergy member.
- The taxpayer's self-employment income includes notary income, which is exempt from self-employment tax.
- The taxpayer is deferring self-employment tax payments.
- The taxpayer is using one of the optional methods to calculate self-employment tax.
- The taxpayer is in Chapter 11 bankruptcy and has self-employment income to report.
To edit Schedule SE in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select:
- Other Taxes
- Self Employment Tax (Sch SE) - For a MFJ return, indicate if the schedule is for the taxpayer or spouse.
Note: This is a brief guide on Schedule SE in the TaxSlayer Pro program. It is not intended as tax advice.
Minister / Clergy Member Tax Return
IRS: Instructions for Schedule SE (Form 1040), Self-Employment Tax
IRS: Instructions for Schedule C, Profit or Loss From Business
IRS: Instructions for Schedule F, Profit or Loss From Farming