Last year I had 25k in income from partnership. I paid my federal taxes
and SE employment taxes. This year, I have a 25k loss in the
partnership. I see in my turbotax software the refund of federal taxes,
but I am not seeing an SE taxes. Is there a way to get these back as
well?
Answer :
No you can’t get se taxes paid last year;on your last return, on your 1040, you deduct 50% of the se taxes paid to the IRS on 1040 line 27.
the tax deduction for SE taxes apply whether you choose to itemize your deductions or not, meaning all self-employed taxpayers stand to benefit from the deduction. The IRS states that the SE tax deduction does not apply to any taxes other than income taxes Click to Read More...
Answer :
No you can’t get se taxes paid last year;on your last return, on your 1040, you deduct 50% of the se taxes paid to the IRS on 1040 line 27.
the tax deduction for SE taxes apply whether you choose to itemize your deductions or not, meaning all self-employed taxpayers stand to benefit from the deduction. The IRS states that the SE tax deduction does not apply to any taxes other than income taxes Click to Read More...
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