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Old 01-20-2014, 11:23 PM
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Can I reclaim SE taxes I paid on a loss?

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?

J



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Old 01-21-2014, 06:42 AM
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Quote:
Originally Posted by speedracer350 View Post
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?

J
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 and it does not change net earnings from self-employment or your self-employment tax.



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