Tax Return 1 a503 f23 improved.docx

Tax Return 1, Fall 2023
Please complete a 2022 Form 1040 and accompanying forms and schedules for
Matteo using 2022 forms:
Matteo Franco is not married and supports their 12-year-old child who lives with
them. Matteo works as a self-employed driver with gross revenue of $69,700 and
business expenses of $11,400 (make-up the classification of the expenses, e.g.,
supplies). Matteo’s only other income was interest of $2,300, qualifying dividends
of $2,150, and other information follows:
Contribution to solo Section 401(k) retirement plan
$ 3,900
Loss on sale of Alphatech stock held 2 years
-3,100
Mortgage interest on primary residence
9,950
State and local property tax on residence
5,350
Property tax included in personal auto registration
260
State sales taxes paid
370
State income taxes paid
1,450
Charitable contributions of cash
1,750
Political contributions
550
Three comments that might help:

Qualified dividends are included in ordinary dividends on the form 1040.
 You are not required to complete the Schedule D Worksheet. Just consult the
last example in “drnos Capital Gain calcs 2023.ppt” to calculate the tax.
 Claim the QBI deduction on the appropriate line of the Form 1040, but no
additional form is required.

Form
1040 U.S. Individual Income Tax Return 2022
Filing Status
Check only
one box.
Department of the Treasury—Internal Revenue Service
Single
Married filing jointly
OMB No. 1545-0074
Married filing separately (MFS)
IRS Use Only—Do not write or staple in this space.
Head of household (HOH)
Qualifying surviving
spouse (QSS)
If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QSS box, enter the child’s name if the qualifying
person is a child but not your dependent:
Your first name and middle initial
Last name
Your social security number
If joint return, spouse’s first name and middle initial
Last name
Spouse’s social security number
Home address (number and street). If you have a P.O. box, see instructions.
Apt. no.
City, town, or post office. If you have a foreign address, also complete spaces below.
Foreign country name
Digital
Assets
Standard
Deduction
Foreign province/state/county
Were born before January 2, 1958
(1) First name
If more
than four
dependents,
see instructions
and check
here . .
If you did not
get a Form
W-2, see
instructions.
Attach Sch. B
if required.
Standard
Deduction for—
• Single or
Married filing
separately,
$12,950
• Married filing
jointly or
Qualifying
surviving spouse,
$25,900
• Head of
household,
$19,400
• If you checked
any box under
Standard
Deduction,
see instructions.
You
Spouse
Yes
No
Someone can claim:
You as a dependent
Your spouse as a dependent
Spouse itemizes on a separate return or you were a dual-status alien
Spouse:
Are blind
Dependents (see instructions):
Attach Form(s)
W-2 here. Also
attach Forms
W-2G and
1099-R if tax
was withheld.
State
At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell,
exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.)
Age/Blindness You:
Income
Presidential Election Campaign
Check here if you, or your
spouse if filing jointly, want $3
ZIP code
to go to this fund. Checking a
box below will not change
Foreign postal code your tax or refund.
(2) Social security
number
Last name
Was born before January 2, 1958
(3) Relationship
to you
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Child tax credit
Credit for other dependents
1a
b
c
Total amount from Form(s) W-2, box 1 (see instructions) .
Household employee wages not reported on Form(s) W-2 .
Tip income not reported on line 1a (see instructions) . .
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1a
1b
1c
d
e
f
Medicaid waiver payments not reported on Form(s) W-2 (see instructions) .
Taxable dependent care benefits from Form 2441, line 26
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Employer-provided adoption benefits from Form 8839, line 29
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1d
1e
1f
g
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Wages from Form 8919, line 6 . . . . . . .
Other earned income (see instructions) . . . .
Nontaxable combat pay election (see instructions) .
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1i
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1g
1h
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2a
3a
Add lines 1a through 1h
Tax-exempt interest . .
Qualified dividends . .
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b Taxable interest
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b Ordinary dividends .
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1z
2b
3b
4a
5a
6a
IRA distributions . . .
Pensions and annuities .
Social security benefits .
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b Taxable amount .
b Taxable amount .
b Taxable amount .
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4b
5b
6b
c
7
8
If you elect to use the lump-sum election method, check here (see instructions)
Capital gain or (loss). Attach Schedule D if required. If not required, check here
Other income from Schedule 1, line 10 . . . . . . . . . . . .
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8
9
10
11
Add lines 1z, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income .
Adjustments to income from Schedule 1, line 26
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Subtract line 10 from line 9. This is your adjusted gross income
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10
11
12
13
14
15
Standard deduction or itemized deductions (from Schedule A)
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Qualified business income deduction from Form 8995 or Form 8995-A . . . .
Add lines 12 and 13 . . . . . . . . . . . . . . . . . . .
Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income
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13
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2a
3a
4a
5a
6a
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For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions.
Is blind
(4) Check the box if qualifies for (see instructions):
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Cat. No. 11320B
15
Form 1040 (2022)
Page 2
Form 1040 (2022)
Tax and
Credits
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24
25b
25c
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25d
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26
29
30
31
American opportunity credit from Form 8863, line 8 .
Reserved for future use . . . . . . . . .
Amount from Schedule 3, line 15 . . . . . .
32
33
Add lines 27, 28, 29, and 31. These are your total other payments and refundable credits
Add lines 25d, 26, and 32. These are your total payments
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Refund
34
If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid
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32
33
34
35a
Direct deposit?
b
See instructions.
d
36
Amount of line 34 you want refunded to you. If Form 8888 is attached, check here .
Routing number
c Type:
Checking
Account number
Amount of line 34 you want applied to your 2023 estimated tax . . .
36
Amount
You Owe
37
Subtract line 33 from line 24. This is the amount you owe.
For details on how to pay, go to www.irs.gov/Payments or see instructions .
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38
Estimated tax penalty (see instructions)
38
Payments
If you have a
qualifying child,
attach Sch. EIC.
Third Party
Designee
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17
Tax (see instructions). Check if any from Form(s): 1
8814
Amount from Schedule 2, line 3
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19
20
Add lines 16 and 17 . . . . . . . . . . . . . . .
Child tax credit or credit for other dependents from Schedule 8812 .
Amount from Schedule 3, line 8
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22
23
Add lines 19 and 20 . . . . . . . . . . . . . . .
Subtract line 21 from line 18. If zero or less, enter -0- . . . . .
Other taxes, including self-employment tax, from Schedule 2, line 21
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24
25
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a
Add lines 22 and 23. This is your total tax
Federal income tax withheld from:
Form(s) W-2 . . . . . . . . .
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25a
b
c
d
Form(s) 1099 . . . . . .
Other forms (see instructions) .
Add lines 25a through 25c . .
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27
28
2022 estimated tax payments and amount applied from 2021 return .
Earned income credit (EIC) . . . . . . . . . . . . .
Additional child tax credit from Schedule 8812
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Joint return?
See instructions.
Keep a copy for
your records.
Paid
Preparer
Use Only
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4972 3
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27
28
29
30
31
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Do you want to allow another person to discuss this return with the IRS? See
instructions
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Designee’s
name
Sign
Here
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2
Phone
no.
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Savings
35a
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37
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Yes. Complete below.
No
Personal identification
number (PIN)
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and
belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Your signature
Date
Your occupation
If the IRS sent you an Identity
Protection PIN, enter it here
(see inst.)
Spouse’s signature. If a joint return, both must sign.
Date
Spouse’s occupation
If the IRS sent your spouse an
Identity Protection PIN, enter it here
(see inst.)
Phone no.
Email address
Preparer’s name
Preparer’s signature
Date
PTIN
Check if:
Self-employed
Firm’s name
Phone no.
Firm’s address
Firm’s EIN
Go to www.irs.gov/Form1040 for instructions and the latest information.
Form 1040 (2022)
Itemized Deductions
SCHEDULE A
(Form 1040)
Department of the Treasury
Internal Revenue Service
OMB No. 1545-0074
2023
Attach to Form 1040 or 1040-SR.
Go to www.irs.gov/ScheduleA for instructions and the latest information.
Your social security number
Name(s) shown on Form 1040 or 1040-SR
Medical
and
Dental
Expenses
Taxes You
Paid
1
2
3
4
Caution: Do not include expenses reimbursed or paid by others.
Medical and dental expenses (see instructions) . . . . . .
Enter amount from Form 1040 or 1040-SR, line 11 2
Multiply line 2 by 7.5% (0.075) . . . . . . . . . . . .
Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- .
Caution: Your
mortgage interest
deduction may be
limited. See
instructions.
Gifts to
Charity
Caution: If you
made a gift and
got a benefit for it,
see instructions.
1
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7
c Points not reported to you on Form 1098. See instructions for special
8c
rules . . . . . . . . . . . . . . . . . . . . .
d Reserved for future use . . . . . . . . . . . . . . .
8d
e Add lines 8a through 8c . . . . . . . . . . . . . . .
8e
9 Investment interest. Attach Form 4952 if required. See instructions
9
10 Add lines 8e and 9 . . . . . . . . . . . . . . . . . . . .
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10
11 Gifts by cash or check. If you made any gift of $250 or more, see
11
instructions . . . . . . . . . . . . . . . . . . .
12 Other than by cash or check. If you made any gift of $250 or more,
see instructions. You must attach Form 8283 if over $500 . . .
12
13 Carryover from prior year . . . . . . . . . . . . . .
13
14 Add lines 11 through 13 . . . . . . . . . . . . . . . . . .
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14
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5 State and local taxes.
a State and local income taxes or general sales taxes. You may include
either income taxes or general sales taxes on line 5a, but not both. If
you elect to include general sales taxes instead of income taxes,
check this box . . . . . . . . . . . . . . . . .
b State and local real estate taxes (see instructions) . . . . . . .
c State and local personal property taxes . . . . . . . . . .
d Add lines 5a through 5c . . . . . . . . . . . . . . .
e Enter the smaller of line 5d or $10,000 ($5,000 if married filing
separately) . . . . . . . . . . . . . . . . . . .
6 Other taxes. List type and amount:
7 Add lines 5e and 6
Interest
You Paid
Attachment
Sequence No. 07
Caution: If you are claiming a net qualified disaster loss on Form 4684, see the instructions for line 16.
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5a
5b
5c
5d
5e
6
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8 Home mortgage interest and points. If you didn’t use all of your home
mortgage loan(s) to buy, build, or improve your home, see
instructions and check this box . . . . . . . . . .
a Home mortgage interest and points reported to you on Form 1098.
See instructions if limited . . . . . . . . . . . . . .
8a
b Home mortgage interest not reported to you on Form 1098. See
instructions if limited. If paid to the person from whom you bought the
home, see instructions and show that person’s name, identifying no.,
and address . . . . . . . . . . . . . . . . . . .
8b
Casualty and 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified
disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See
Theft Losses
instructions .
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15
16 Other—from list in instructions. List type and amount:
Other
Itemized
Deductions
16
17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on
Total
17
Form 1040 or 1040-SR, line 12 . . . . . . . . . . . . . . . . . . . .
Itemized
Deductions 18 If you elect to itemize deductions even though they are less than your standard deduction,
check this box .
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For Paperwork Reduction Act Notice, see the Instructions for Form 1040.
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Cat. No. 17145C
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Schedule A (Form 1040) 2023
SCHEDULE C
(Form 1040)
Profit or Loss From Business
Department of the Treasury
Internal Revenue Service
OMB No. 1545-0074
2023
(Sole Proprietorship)
Attach to Form 1040, 1040-SR, 1040-SS, 1040-NR, or 1041; partnerships must generally file Form 1065.
Go to www.irs.gov/ScheduleC for instructions and the latest information.
Attachment
Sequence No. 09
Name of proprietor
Social security number (SSN)
A
Principal business or profession, including product or service (see instructions)
B Enter code from instructions
C
Business name. If no separate business name, leave blank.
D Employer ID number (EIN) (see instr.)
E
Business address (including suite or room no.)
F
G
City, town or post office, state, and ZIP code
Cash
(2)
Accrual
(3)
Other (specify)
Accounting method:
(1)
Did you “materially participate” in the operation of this business during 2023? If “No,” see instructions for limit on losses
.
Yes
No
H
I
J
If you started or acquired this business during 2023, check here . . . . . . . . . . .
Did you make any payments in 2023 that would require you to file Form(s) 1099? See instructions .
If “Yes,” did you or will you file required Form(s) 1099? . . . . . . . . . . . . . .
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Yes
Yes
No
No
Part I
1
Income
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2
3
4
Gross receipts or sales. See instructions for line 1 and check the box if this income was reported to you on
Form W-2 and the “Statutory employee” box on that form was checked . . . . . . . . .
Returns and allowances . . . . . . . . . . . . . . . . . . . . . . . . .
Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . .
Cost of goods sold (from line 42) . . . . . . . . . . . . . . . . . . . . . .
1
2
3
4
5
6
7
Gross profit. Subtract line 4 from line 3 . . . . . . . . . . . . . . . . .
Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) .
Gross income. Add lines 5 and 6 . . . . . . . . . . . . . . . . . . .
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5
6
7
8
Advertising .
9
Car and truck expenses
(see instructions) . . .
Commissions and fees .
Contract labor (see instructions)
Office expense (see instructions) .
Pension and profit-sharing plans .
18
19
Rent or lease (see instructions):
Vehicles, machinery, and equipment
Other business property . . .
20a
20b
Repairs and maintenance . . .
Supplies (not included in Part III) .
Taxes and licenses . . . . .
21
22
23
a
b
Travel and meals:
Travel . . . . . . . . .
Deductible meals (see instructions)
24a
24b
25
26
27a
Utilities . . . . . . . .
Wages (less employment credits)
Other expenses (from line 48) . .
25
26
27a
17
28
Other . . . . . .
16b
b Energy efficient commercial bldgs
Legal and professional services
17
deduction (attach Form 7205) . .
Total expenses before expenses for business use of home. Add lines 8 through 27b . . . . . . .
27b
28
29
Tentative profit or (loss). Subtract line 28 from line 7 .
29
30
Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829
unless using the simplified method. See instructions.
Simplified method filers only: Enter the total square footage of (a) your home:
Part II
10
11
Expenses. Enter expenses for business use of your home only on line 30.
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13
Depletion . . . . .
Depreciation and section 179
expense
deduction
(not
included in Part III) (see
instructions)
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14
Employee benefit programs
(other than on line 19)
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Insurance (other than health)
Interest (see instructions):
Mortgage (paid to banks, etc.)
15
16
a
b
8
18
19
9
10
11
20
12
21
22
23
13
24
a
b
14
15
16a
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and (b) the part of your home used for business:
Method Worksheet in the instructions to figure the amount to enter on line 30
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31
Net profit or (loss). Subtract line 30 from line 29.
32
• If a profit, enter on both Schedule 1 (Form 1040), line 3, and on Schedule SE, line 2. (If you
checked the box on line 1, see instructions.) Estates and trusts, enter on Form 1041, line 3.
• If a loss, you must go to line 32.
If you have a loss, check the box that describes your investment in this activity. See instructions.
• If you checked 32a, enter the loss on both Schedule 1 (Form 1040), line 3, and on Schedule
SE, line 2. (If you checked the box on line 1, see the line 31 instructions.) Estates and trusts, enter on
Form 1041, line 3.
• If you checked 32b, you must attach Form 6198. Your loss may be limited.
For Paperwork Reduction Act Notice, see the separate instructions.
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Cat. No. 11334P
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30
31
32a
32b
All investment is at risk.
Some investment is not
at risk.
Schedule C (Form 1040) 2023
Page 2
Schedule C (Form 1040) 2023
Part III
Cost of Goods Sold (see instructions)
33
Method(s) used to
value closing inventory:
34
Was there any change in determining quantities, costs, or valuations between opening and closing inventory?
If “Yes,” attach explanation . . . . . . . . . . . . . . . . . . . . . . . . .
a
b
Cost
c
Lower of cost or market
Other (attach explanation)
35
Inventory at beginning of year. If different from last year’s closing inventory, attach explanation .
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36
Purchases less cost of items withdrawn for personal use
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37
Cost of labor. Do not include any amounts paid to yourself .
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38
Materials and supplies
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39
Other costs .
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39
40
Add lines 35 through 39 .
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40
41
Inventory at end of year .
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41
42
Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4 .
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42
Part IV
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Yes
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Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9 and
are not required to file Form 4562 for this business. See the instructions for line 13 to find out if you must file
Form 4562.
/
/
43
When did you place your vehicle in service for business purposes? (month/day/year)
44
Of the total number of miles you drove your vehicle during 2023, enter the number of miles you used your vehicle for:
a
No
b Commuting (see instructions)
Business
c Other
45
Was your vehicle available for personal use during off-duty hours?
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Yes
No
46
Do you (or your spouse) have another vehicle available for personal use?.
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Yes
No
47a
Do you have evidence to support your deduction?
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Yes
No
If “Yes,” is the evidence written?
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Yes
No
b
Part V
48
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Other Expenses. List below business expenses not included on lines 8–26, line 27b, or line 30.
Total other expenses. Enter here and on line 27a
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48
Schedule C (Form 1040) 2023
SCHEDULE D
(Form 1040)
Department of the Treasury
Internal Revenue Service
Capital Gains and Losses
OMB No. 1545-0074
2022
Attach to Form 1040, 1040-SR, or 1040-NR.
Go to www.irs.gov/ScheduleD for instructions and the latest information.
Use Form 8949 to list your transactions for lines 1b, 2, 3, 8b, 9, and 10.
Attachment
Sequence No. 12
Your social security number
Name(s) shown on return
Did you dispose of any investment(s) in a qualified opportunity fund during the tax year?
Yes
No
If “Yes,” attach Form 8949 and see its instructions for additional requirements for reporting your gain or loss.
Part I
Short-Term Capital Gains and Losses—Generally Assets Held One Year or Less (see instructions)
See instructions for how to figure the amounts to enter on the
lines below.
This form may be easier to complete if you round off cents to
whole dollars.
(d)
Proceeds
(sales price)
(e)
Cost
(or other basis)
(g)
Adjustments
to gain or loss from
Form(s) 8949, Part I,
line 2, column (g)
(h) Gain or (loss)
Subtract column (e)
from column (d) and
combine the result
with column (g)
1a Totals for all short-term transactions reported on Form
1099-B for which basis was reported to the IRS and for
which you have no adjustments (see instructions).
However, if you choose to report all these transactions
on Form 8949, leave this line blank and go to line 1b .
1b Totals for all transactions reported on Form(s) 8949 with
Box A checked . . . . . . . . . . . . .
2 Totals for all transactions reported on Form(s) 8949 with
Box B checked . . . . . . . . . . . . .
3 Totals for all transactions reported on Form(s) 8949 with
Box C checked . . . . . . . . . . . . .
4 Short-term gain from Form 6252 and short-term gain or (loss) from Forms 4684, 6781, and 8824 . .
5 Net short-term gain or (loss) from partnerships, S corporations, estates, and trusts from
Schedule(s) K-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Short-term capital loss carryover. Enter the amount, if any, from line 8 of your Capital Loss Carryover
Worksheet in the instructions
. . . . . . . . . . . . . . . . . . . . . . . .
7 Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h). If you have any longterm capital gains or losses, go to Part II below. Otherwise, go to Part III on the back . . . . . .
Part II
4
5
6
(
)
7
Long-Term Capital Gains and Losses—Generally Assets Held More Than One Year (see instructions)
See instructions for how to figure the amounts to enter on the
lines below.
This form may be easier to complete if you round off cents to
whole dollars.
(d)
Proceeds
(sales price)
(e)
Cost
(or other basis)
(g)
Adjustments
to gain or loss from
Form(s) 8949, Part II,
line 2, column (g)
(h) Gain or (loss)
Subtract column (e)
from column (d) and
combine the result
with column (g)
8a Totals for all long-term transactions reported on Form
1099-B for which basis was reported to the IRS and for
which you have no adjustments (see instructions).
However, if you choose to report all these transactions
on Form 8949, leave this line blank and go to line 8b .
8b Totals for all transactions reported on Form(s) 8949 with
Box D checked . . . . . . . . . . . . .
9 Totals for all transactions reported on Form(s) 8949 with
Box E checked . . . . . . . . . . . . .
10 Totals for all transactions reported on Form(s) 8949 with
Box F checked . . . . . . . . . . . . . .
11 Gain from Form 4797, Part I; long-term gain from Forms 2439 and 6252; and long-term gain or (loss)
from Forms 4684, 6781, and 8824 . . . . . . . . . . . . . . . . . . . . . . .
12 Net long-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K-1
13 Capital gain distributions. See the instructions . . . . . . . . . . . . . . . . . . .
14 Long-term capital loss carryover. Enter the amount, if any, from line 13 of your Capital Loss Carryover
Worksheet in the instructions
. . . . . . . . . . . . . . . . . . . . . . . .
15 Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h). Then, go to Part III
on the back . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For Paperwork Reduction Act Notice, see your tax return instructions.
Cat. No. 11338H
11
12
13
14 (
)
15
Schedule D (Form 1040) 2022
Page 2
Schedule D (Form 1040) 2022
Part III
16
Summary
Combine lines 7 and 15 and enter the result
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16
• If line 16 is a gain, enter the amount from line 16 on Form 1040, 1040-SR, or 1040-NR, line 7.
Then, go to line 17 below.
• If line 16 is a loss, skip lines 17 through 20 below. Then, go to line 21. Also be sure to complete
line 22.
• If line 16 is zero, skip lines 17 through 21 below and enter -0- on Form 1040, 1040-SR, or
1040-NR, line 7. Then, go to line 22.
17
Are lines 15 and 16 both gains?
Yes. Go to line 18.
No. Skip lines 18 through 21, and go to line 22.
18
If you are required to complete the 28% Rate Gain Worksheet (see instructions), enter the
amount, if any, from line 7 of that worksheet . . . . . . . . . . . . . . . . . .
18
If you are required to complete the Unrecaptured Section 1250 Gain Worksheet (see
instructions), enter the amount, if any, from line 18 of that worksheet . . . . . . . . . .
19
19
20
Are lines 18 and 19 both zero or blank and you are not filing Form 4952?
Yes. Complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions
for Form 1040, line 16. Don’t complete lines 21 and 22 below.
No. Complete the Schedule D Tax Worksheet in the instructions. Don’t complete lines 21
and 22 below.
21
If line 16 is a loss, enter here and on Form 1040, 1040-SR, or 1040-NR, line 7, the smaller of:
• The loss on line 16; or
• ($3,000), or if married filing separately, ($1,500)
}
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21 (
)
Note: When figuring which amount is smaller, treat both amounts as positive numbers.
22
Do you have qualified dividends on Form 1040, 1040-SR, or 1040-NR, line 3a?
Yes. Complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions
for Form 1040, line 16.
No. Complete the rest of Form 1040, 1040-SR, or 1040-NR.
Schedule D (Form 1040) 2022
SCHEDULE SE
Department of the Treasury
Internal Revenue Service
2022
Go to www.irs.gov/ScheduleSE for instructions and the latest information.
Attach to Form 1040, 1040-SR, or 1040-NR.
Name of person with self-employment income (as shown on Form 1040, 1040-SR, or 1040-NR)
Part I
OMB No. 1545-0074
Self-Employment Tax
(Form 1040)
Attachment
Sequence No. 17
Social security number of person
with self-employment income
Self-Employment Tax
Note: If your only income subject to self-employment tax is church employee income, see instructions for how to report your income
and the definition of church employee income.
A
If you are a minister, member of a religious order, or Christian Science practitioner and you filed Form 4361, but you had
$400 or more of other net earnings from self-employment, check here and continue with Part I . . . . . . . . .
Skip lines 1a and 1b if you use the farm optional method in Part II. See instructions.
1a Net farm profit or (loss) from Schedule F, line 34, and farm partnerships, Schedule K-1 (Form 1065),
1a
box 14, code A . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b If you received social security retirement or disability benefits, enter the amount of Conservation Reserve
Program payments included on Schedule F, line 4b, or listed on Schedule K-1 (Form 1065), box 20, code AH 1b (
)
Skip line 2 if you use the nonfarm optional method in Part II. See instructions.
2
Net profit or (loss) from Schedule C, line 31; and Schedule K-1 (Form 1065), box 14, code A (other than
2
farming). See instructions for other income to report or if you are a minister or member of a religious order
3
Combine lines 1a, 1b, and 2 . . . . . . . . . . . . . . . . . . . . . . . . .
3
4a If line 3 is more than zero, multiply line 3 by 92.35% (0.9235). Otherwise, enter amount from line 3 .
4a
Note: If line 4a is less than $400 due to Conservation Reserve Program payments on line 1b, see instructions.
b If you elect one or both of the optional methods, enter the total of lines 15 and 17 here . . . . .
4b
c Combine lines 4a and 4b. If less than $400, stop; you don’t owe self-employment tax. Exception: If
less than $400 and you had church employee income, enter -0- and continue . . . . . . . .
4c
5a Enter your church employee income from Form W-2. See instructions for
definition of church employee income . . . . . . . . . . . . .
5a
b Multiply line 5a by 92.35% (0.9235). If less than $100, enter -0- . . . . . . . . . . . . .
5b
6
Add lines 4c and 5b . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
7
Maximum amount of combined wages and self-employment earnings subject to social security tax or
147,000
the 6.2% portion of the 7.65% railroad retirement (tier 1) tax for 2022 . . . . . . . . . . .
7
8a Total social security wages and tips (total of boxes 3 and 7 on Form(s) W-2)
and railroad retirement (tier 1) compensation. If $147,000 or more, skip lines
8b through 10, and go to line 11 . . . . . . . . . . . . . . .
8a
b Unreported tips subject to social security tax from Form 4137, line 10 . . .
8b
c Wages subject to social security tax from Form 8919, line 10 . . . . . .
8c
d Add lines 8a, 8b, and 8c . . . . . . . . . . . . . . . . . . . . . . . . . .
8d
9
Subtract line 8d from line 7. If zero or less, enter -0- here and on line 10 and go to line 11 . . . .
9
10
Multiply the smaller of line 6 or line 9 by 12.4% (0.124) . . . . . . . . . . . . . . . .
10
11
Multiply line 6 by 2.9% (0.029) . . . . . . . . . . . . . . . . . . . . . . . .
11
12
Self-employment tax. Add lines 10 and 11. Enter here and on Schedule 2 (Form 1040), line 4 . .
12
13
Deduction for one-half of self-employment tax.
Multiply line 12 by 50% (0.50). Enter here and on Schedule 1 (Form 1040),
line 15 . . . . . . . . . . . . . . . . . . . . . . . .
13
Part II
Optional Methods To Figure Net Earnings (see instructions)
Farm Optional Method. You may use this method only if (a) your gross farm income1 wasn’t more than
$9,060, or (b) your net farm profits2 were less than $6,540.
14
Maximum income for optional methods . . . . . . . . . . . . . . . . . . . . .
15
Enter the smaller of: two-thirds (2/3) of gross farm income1 (not less than zero) or $6,040. Also, include
this amount on line 4b above . . . . . . . . . . . . . . . . . . . . . . . .
Nonfarm Optional Method. You may use this method only if (a) your net nonfarm profits3 were less than $6,540
and also less than 72.189% of your gross nonfarm income,4 and (b) you had net earnings from self-employment
of at least $400 in 2 of the prior 3 years. Caution: You may use this method no more than five times.
16
Subtract line 15 from line 14 . . . . . . . . . . . . . . . . . . . . . . . . .
17
Enter the smaller of: two-thirds (2/3) of gross nonfarm income4 (not less than zero) or the amount on
line 16. Also, include this amount on line 4b above . . . . . . . . . . . . . . . . .
1
From Sch. F, line 9; and Sch. K-1 (Form 1065), box 14, code B.
2
From Sch. F, line 34; and Sch. K-1 (Form 1065), box 14, code A—minus the amount
you would have entered on line 1b had you not used the optional method.
For Paperwork Reduction Act Notice, see your tax return instructions.
14
6,040
15
16
17
3
From Sch. C, line 31; and Sch. K-1 (Form 1065), box 14, code A.
4
From Sch. C, line 7; and Sch. K-1 (Form 1065), box 14, code C.
Cat. No. 11358Z
Schedule SE (Form 1040) 2022