Ask Larry

Am I Paying Social Security Taxes By Reporting My 1099 Income On Form 1040?

I am a 1099 filer using form 1040. Am I paying into social security using this for or is there another form for paying into SS.

Hi. Only if you pay self-employment (SE) taxes in addition to your income taxes. If you receive a form 1099 for working as an independent contractor, then you'd need to report that income as self-employment on your tax return in order to get Social Security credits. To determine the amount of SE taxes owed, you must first complete a Schedule C or F in order to determine your net profit from self-employment. Then, if you have a net profit of $400 or more, you'd need to complete a Schedule SE to determine the amount of SE taxes that you owe.

For more detailed information, refer to the following IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/self-emplo....

Best, Jerry

Posted: 
Mar 25 2023 - 4:09pm
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