Correct Self-Employment Forms for 1040

Question

Am I filing the correct forms with my 1040 to include my self-employment tax? Sole-proprietor with less than $5000 business expenses and profit less than $9000.

• 1040
• Schedule 1
• Schedule 4
• Schedule C-EZ
• Schedule SE Self-Employment Tax - taxpayer
• Schedule SE Self-Employment Tax Part B - taxpayer

Answer 1

That basically looks right.

• Form 1040 is the main tax return form.
• Schedule C-EZ has the revenue, expenses, and net profit from your business. Since your expenses were less than $5000, you can use C-EZ instead of the full Schedule C (assuming you also meet all the other C-EZ requirements).
• Schedule 1 is used to include the net profit from C-EZ into Form 1040.
• Schedule SE is for the self-employment tax. Section A is the "short schedule" and Section B is the "long schedule." You need to look at the flowchart at the beginning of SE to determine which one you need to complete.
• Schedule 4 brings the self-employment tax from SE into Form 1040.

Of course, depending on your personal tax situation, there may be other forms you will also need to include with your tax return.