Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-20-2014, 11:23 PM
Junior Member
 
Join Date: Jan 2014
Posts: 3
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



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-21-2014, 06:42 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
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.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Company paid foreign taxes .... bulldog8 Income 4 01-07-2014 02:05 PM
2010 taxes paid in 2011 brwwood S-Corporation 1 04-02-2011 04:52 AM
Condominium Deposit Loss due to Developer Fraud - How to treat the loss on taxes? Betico Itemized Deductions 0 09-08-2010 02:05 PM
Why Taxpayers should review State Taxes paid in 2007 versus Sales Taxes Paid in 2007? TaxGuru Itemized Deductions 1 03-04-2008 08:18 PM
Multi-State taxes paid vanngo Itemized Deductions 1 01-25-2007 10:57 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.