Timeline for Total income between job and self-employment will exceed Social Security cap
Current License: CC BY-SA 4.0
5 events
| when toggle format | what | by | license | comment | |
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| May 5, 2021 at 23:51 | vote | accept | Nolan Robidoux | ||
| May 5, 2021 at 1:57 | comment | added | Nolan Robidoux | I wish things weren't so complicated, Lol. #1 I may be over the phase-out limit of $207,500 by year's end if the crypto market holds up. #2... Even the IRS is not specific sometimes, in exception 2 for determining eligibility, "dealing in certain assets", is stated as a reason for exclusion in their "Facts About QBI Deduction" webpage. Thank you for the input. Definitely will look further into it. Feather in the cap for the future regardless. :) | |
| May 4, 2021 at 12:18 | history | edited | Craig W | CC BY-SA 4.0 |
correct Social Security wage base
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| May 4, 2021 at 4:41 | comment | added | Orange Coast- reinstate Monica | Right. To be explicit, filling out schedule SE with your tax return will prevent you from needing to file form 843 later. Schedule SE uses your wage income from the 1040 and your self-employment income from schedule C. Separate note: As a sole proprietor, you could get a tax break for qualified business income, as well: irs.gov/newsroom/qualified-business-income-deduction | |
| May 4, 2021 at 3:57 | history | answered | user102008 | CC BY-SA 4.0 |