Form 1040 (PR) North Carolina 2022-2025

Form 1040 (PR) North Carolina: What You Should Know

Use Form 1040 (PR) to calculate self-employment tax on taxable income from self-employed activity (not in wages or salaries), provided it relates to service performed in the calendar year. If you included the payment in the computation of federal AGI, you will have to attach the payment in taxable income to your federal income tax return (including Schedule C).  Use Form 1040 (PR) to calculate self-employment tax on taxable income from self-employed activity (payments in excess of a fixed dollar amount) if your self-employment activity involved service performed in the calendar year.  You may claim an itemized deduction. The maximum deduction is the greatest of 1% of the federal taxable income for 2 or 2,500. You may claim other credits, such as health insurance premiums. If your pay is not on Form 1023, include the payment on Schedule A of your Federal Income Tax Return; otherwise, include the amount of the payment on your Form 1040 (for the current year, or later years, if later payments are made under a tax treaty or similar agreement). Use Form 1040 (PR) to calculate self-employment tax on taxable income from self-employed activity if you paid any amount (or you made the same payment) to a tax agency other than the IRS.  Enter (and indicate the amount of): the federal tax paid (payable directly to the Internal Revenue Service or paid to the Internal Revenue Offices of North Carolina and South Carolina); the federal AGI that was used to determine the amount of the payment; and the amount of the tax refund to which you are entitled.  You may figure any self-employment tax on Schedule C or other income tax return. Your return must summarize and certify your total self-employment tax liability. If you must give information to the IRS, attach to your return the following information:  Your name and social security number; Your pay records, including whether you have received a Form W-4, Wage and Tax Statement; Any other information required by the IRS (including the amount of money you have received and expended as self-employed. Income of a Partner If you are spouse, you may figure any self-employment tax on Schedule C or other income tax return. Your return must summarize and certify your total self-employment tax liability.

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