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How Do I Amend My 2011 Tax Return

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How Do I Amend My 2011 Tax Return

How do i amend my 2011 tax return Publication 938 - Introductory Material Table of Contents Introduction Introduction Section references are to the Internal Revenue Code unless otherwise noted. How do i amend my 2011 tax return This publication contains directories relating to real estate mortgage investment conduits (REMICs) and collateralized debt obligations (CDOs). How do i amend my 2011 tax return The directory for each calendar quarter is based on information submitted to the IRS during that quarter. How do i amend my 2011 tax return For each quarter, there is a directory of new REMICs and CDOs and, if required, a section containing amended listings. How do i amend my 2011 tax return You can use the directory to find the representative of the REMIC or the issuer of the CDO from whom you can request tax information. How do i amend my 2011 tax return The amended listing section shows changes to previously listed REMICs and CDOs. How do i amend my 2011 tax return The update for each calendar quarter will be added to this publication approximately six weeks after the end of the quarter. How do i amend my 2011 tax return Publication 938 is only available on the Internet. How do i amend my 2011 tax return To get Publication 938, including prior issues, visit IRS. How do i amend my 2011 tax return gov. How do i amend my 2011 tax return Future developments. How do i amend my 2011 tax return   The IRS has created a page on IRS. How do i amend my 2011 tax return gov that includes information about Publication 938 at www. How do i amend my 2011 tax return irs. How do i amend my 2011 tax return gov/pub938. How do i amend my 2011 tax return Information about any future developments affecting Publication 938 (such as legislation enacted after we release it) will be posted on that page. How do i amend my 2011 tax return Other information. How do i amend my 2011 tax return   Publication 550, Investment Income and Expenses, discusses the tax treatment that applies to holders of these investment products. How do i amend my 2011 tax return For other information about REMICs, see sections 860A through 860G and the regulations issued under those sections. How do i amend my 2011 tax return Prev  Up  Next   Home   More Online Publications
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The How Do I Amend My 2011 Tax Return

How do i amend my 2011 tax return 10. How do i amend my 2011 tax return   Self-Employment (SE) Tax Table of Contents Who Must Pay SE Tax?Special Rules and Exceptions Figuring Earnings Subject to SE Tax Farm Optional Method Using Both Optional Methods Reporting Self-Employment Tax The SE tax rules apply no matter how old you are and even if you are already receiving social security and Medicare benefits. How do i amend my 2011 tax return Who Must Pay SE Tax? Generally, you must pay SE tax and file Schedule SE (Form 1040) if your net earnings from self-employment were $400 or more. How do i amend my 2011 tax return Use Schedule SE to figure net earnings from self-employment. How do i amend my 2011 tax return Sole proprietor or independent contractor. How do i amend my 2011 tax return   If you are self-employed as a sole proprietor or independent contractor, you generally use Schedule C or C-EZ (Form 1040) to figure your earnings subject to SE tax. How do i amend my 2011 tax return SE tax rate. How do i amend my 2011 tax return    For 2013, the SE tax rate on net earnings is 15. How do i amend my 2011 tax return 3% (12. How do i amend my 2011 tax return 4% social security tax plus 2. How do i amend my 2011 tax return 9% Medicare tax). How do i amend my 2011 tax return Maximum earnings subject to self-employment tax. How do i amend my 2011 tax return    Only the first $113,700 of your combined wages, tips, and net earnings in 2013 is subject to any combination of the 12. How do i amend my 2011 tax return 4% social security part of SE tax, social security tax, or railroad retirement (tier 1) tax. How do i amend my 2011 tax return   All of your combined wages, tips, and net earnings in 2013 are subject to any combination of the 2. How do i amend my 2011 tax return 9% Medicare part of SE tax, social security tax, or railroad retirement (tier 1) tax. How do i amend my 2011 tax return   If your wages and tips are subject to either social security or railroad retirement (tier 1) tax, or both, and total at least $113,700, do not pay the 12. How do i amend my 2011 tax return 4% social security part of the SE tax on any of your net earnings. How do i amend my 2011 tax return However, you must pay the 2. How do i amend my 2011 tax return 9% Medicare part of the SE tax on all your net earnings. How do i amend my 2011 tax return Special Rules and Exceptions Aliens. How do i amend my 2011 tax return   Generally, resident aliens must pay self-employment tax under the same rules that apply to U. How do i amend my 2011 tax return S. How do i amend my 2011 tax return citizens. How do i amend my 2011 tax return Nonresident aliens are not subject to SE tax unless an international social security agreement in effect determines that they are covered under the U. How do i amend my 2011 tax return S. How do i amend my 2011 tax return social security system. How do i amend my 2011 tax return However, residents of the Virgin Islands, Puerto Rico, Guam, the Commonwealth of the Northern Mariana Islands, or American Samoa are subject to self-employment tax, as they are considered U. How do i amend my 2011 tax return S. How do i amend my 2011 tax return residents for self-employment tax purposes. How do i amend my 2011 tax return For more information on aliens, see Publication 519, U. How do i amend my 2011 tax return S. How do i amend my 2011 tax return Tax Guide for Aliens. How do i amend my 2011 tax return Child employed by parent. How do i amend my 2011 tax return   You are not subject to SE tax if you are under age 18 and you are working for your father or mother. How do i amend my 2011 tax return Church employee. How do i amend my 2011 tax return    If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order) that elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108. How do i amend my 2011 tax return 28 or more in wages from the church or organization. How do i amend my 2011 tax return For more information, see Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. How do i amend my 2011 tax return Fishing crew member. How do i amend my 2011 tax return   If you are a member of the crew on a boat that catches fish or other water life, your earnings are subject to SE tax if all the following conditions apply. How do i amend my 2011 tax return You do not get any pay for the work except your share of the catch or a share of the proceeds from the sale of the catch, unless the pay meets all the following conditions. How do i amend my 2011 tax return The pay is not more than $100 per trip. How do i amend my 2011 tax return The pay is received only if there is a minimum catch. How do i amend my 2011 tax return The pay is solely for additional duties (such as mate, engineer, or cook) for which additional cash pay is traditional in the fishing industry. How do i amend my 2011 tax return You get a share of the catch or a share of the proceeds from the sale of the catch. How do i amend my 2011 tax return Your share depends on the amount of the catch. How do i amend my 2011 tax return The boat's operating crew normally numbers fewer than 10 individuals. How do i amend my 2011 tax return (An operating crew is considered as normally made up of fewer than 10 if the average size of the crew on trips made during the last four calendar quarters is fewer than 10. How do i amend my 2011 tax return ) Notary public. How do i amend my 2011 tax return   Fees you receive for services you perform as a notary public are reported on Schedule C or C-EZ but are not subject to self-employment tax (see the Instructions for Schedule SE (Form 1040)). How do i amend my 2011 tax return State or local government employee. How do i amend my 2011 tax return   You are subject to SE tax if you are an employee of a state or local government, are paid solely on a fee basis, and your services are not covered under a federal-state social security agreement. How do i amend my 2011 tax return Foreign government or international organization employee. How do i amend my 2011 tax return   You are subject to SE tax if both the following conditions are true. How do i amend my 2011 tax return You are a U. How do i amend my 2011 tax return S. How do i amend my 2011 tax return citizen employed in the United States, Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the Virgin Islands by: A foreign government, A wholly-owned agency of a foreign government, or An international organization. How do i amend my 2011 tax return Your employer is not required to withhold social security and Medicare taxes from your wages. How do i amend my 2011 tax return U. How do i amend my 2011 tax return S. How do i amend my 2011 tax return citizen or resident alien residing abroad. How do i amend my 2011 tax return    If you are a self-employed U. How do i amend my 2011 tax return S. How do i amend my 2011 tax return citizen or resident alien living outside the United States, in most cases you must pay SE tax. How do i amend my 2011 tax return Do not reduce your foreign earnings from self-employment by your foreign earned income exclusion. How do i amend my 2011 tax return Exception. How do i amend my 2011 tax return    The United States has social security agreements with many countries to eliminate double taxation under two social security systems. How do i amend my 2011 tax return Under these agreements, you generally must only pay social security and Medicare taxes to the country in which you live. How do i amend my 2011 tax return The country to which you must pay the tax will issue a certificate which serves as proof of exemption from social security tax in the other country. How do i amend my 2011 tax return   For more information, see the Instructions for Schedule SE (Form 1040). How do i amend my 2011 tax return More Than One Business If you have earnings subject to SE tax from more than one trade, business, or profession, you must combine the net profit (or loss) from each to determine your total earnings subject to SE tax. How do i amend my 2011 tax return A loss from one business reduces your profit from another business. How do i amend my 2011 tax return Community Property Income If any of the income from a trade or business, other than a partnership, is community property income under state law, it is included in the earnings subject to SE tax of the spouse carrying on the trade or business. How do i amend my 2011 tax return Gain or Loss Do not include in earnings subject to SE tax a gain or loss from the disposition of property that is neither stock in trade nor held primarily for sale to customers. How do i amend my 2011 tax return It does not matter whether the disposition is a sale, exchange, or an involuntary conversion. How do i amend my 2011 tax return Lost Income Payments If you are self-employed and reduce or stop your business activities, any payment you receive from insurance or other sources for the lost business income is included in earnings subject to SE tax. How do i amend my 2011 tax return If you are not working when you receive the payment, it still relates to your business and is included in earnings subject to SE tax, even though your business is temporarily inactive. How do i amend my 2011 tax return Figuring Earnings Subject to SE Tax Methods for Figuring Net Earnings There are three ways to figure your net earnings from self-employment. How do i amend my 2011 tax return The regular method. How do i amend my 2011 tax return The nonfarm optional method. How do i amend my 2011 tax return The farm optional method. How do i amend my 2011 tax return You must use the regular method unless you are eligible to use one or both of the optional methods. How do i amend my 2011 tax return Why use an optional method?    You may want to use the optional methods (discussed later) when you have a loss or a small net profit and any one of the following applies. How do i amend my 2011 tax return You want to receive credit for social security benefit coverage. How do i amend my 2011 tax return You incurred child or dependent care expenses for which you could claim a credit. How do i amend my 2011 tax return (An optional method may increase your earned income, which could increase your credit. How do i amend my 2011 tax return ) You are entitled to the earned income credit. How do i amend my 2011 tax return (An optional method may increase your earned income, which could increase your credit. How do i amend my 2011 tax return ) You are entitled to the additional child tax credit. How do i amend my 2011 tax return (An optional method may increase your earned income, which could increase your credit. How do i amend my 2011 tax return ) Effects of using an optional method. How do i amend my 2011 tax return   Using an optional method could increase your SE tax. How do i amend my 2011 tax return Paying more SE tax could result in your getting higher benefits when you retire. How do i amend my 2011 tax return   If you use either or both optional methods, you must figure and pay the SE tax due under these methods even if you would have had a smaller tax or no tax using the regular method. How do i amend my 2011 tax return   The optional methods may be used only to figure your SE tax. How do i amend my 2011 tax return To figure your income tax, include your actual earnings in gross income, regardless of which method you use to determine SE tax. How do i amend my 2011 tax return Regular Method Multiply your total earnings subject to SE tax by 92. How do i amend my 2011 tax return 35% (. How do i amend my 2011 tax return 9235) to get your net earnings under the regular method. How do i amend my 2011 tax return See Short Schedule SE, line 4, or Long Schedule SE, line 4a. How do i amend my 2011 tax return Net earnings figured using the regular method are also called actual net earnings. How do i amend my 2011 tax return Nonfarm Optional Method Use the nonfarm optional method only for earnings that do not come from farming. How do i amend my 2011 tax return You may use this method if you meet all the following tests. How do i amend my 2011 tax return You are self-employed on a regular basis. How do i amend my 2011 tax return This means that your actual net earnings from self-employment were $400 or more in at least 2 of the 3 tax years before the one for which you use this method. How do i amend my 2011 tax return The net earnings can be from either farm or nonfarm earnings or both. How do i amend my 2011 tax return You have used this method less than 5 years. How do i amend my 2011 tax return (There is a 5-year lifetime limit. How do i amend my 2011 tax return ) The years do not have to be one after another. How do i amend my 2011 tax return Your net nonfarm profits were: Less than $5,024, and Less than 72. How do i amend my 2011 tax return 189% of your gross nonfarm income. How do i amend my 2011 tax return Net nonfarm profits. How do i amend my 2011 tax return   Net nonfarm profit generally is the total of the amounts from: Line 31, Schedule C (Form 1040), Line 3, Schedule C-EZ (Form 1040), Box 14, code A, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J1, Schedule K-1 (Form 1065-B). How do i amend my 2011 tax return   However, you may need to adjust the amount reported on Schedule K-1 if you are a general partner or if it is a loss. How do i amend my 2011 tax return Gross nonfarm income. How do i amend my 2011 tax return   Your gross nonfarm income generally is the total of the amounts from: Line 7, Schedule C (Form 1040), Line 1, Schedule C-EZ (Form 1040), Box 14, code C, Schedule K-1 (Form 1065) (from nonfarm partnerships), and Box 9, code J2, Schedule K-1 (Form 1065-B). How do i amend my 2011 tax return Figuring Nonfarm Net Earnings If you meet the three tests explained earlier, use the following table to figure your net earnings from self-employment under the nonfarm optional method. How do i amend my 2011 tax return Table 10-1. How do i amend my 2011 tax return Figuring Nonfarm Net Earnings IF your gross nonfarm income is. How do i amend my 2011 tax return . How do i amend my 2011 tax return . How do i amend my 2011 tax return THEN your net earnings are equal to. How do i amend my 2011 tax return . How do i amend my 2011 tax return . How do i amend my 2011 tax return $6,960 or less Two-thirds of your gross nonfarm income. How do i amend my 2011 tax return More than $6,960 $4,640 Actual net earnings. How do i amend my 2011 tax return   Your actual net earnings are 92. How do i amend my 2011 tax return 35% of your total earnings subject to SE tax (that is, multiply total earnings subject to SE tax by 92. How do i amend my 2011 tax return 35% (. How do i amend my 2011 tax return 9235) to get actual net earnings). How do i amend my 2011 tax return Actual net earnings are equivalent to net earnings figured using the regular method. How do i amend my 2011 tax return Optional net earnings less than actual net earnings. How do i amend my 2011 tax return   You cannot use this method to report an amount less than your actual net earnings from self-employment. How do i amend my 2011 tax return Gross nonfarm income of $6,960 or less. How do i amend my 2011 tax return   The following examples illustrate how to figure net earnings when gross nonfarm income is $6,960 or less. How do i amend my 2011 tax return Example 1. How do i amend my 2011 tax return Net nonfarm profit less than $5,024 and less than 72. How do i amend my 2011 tax return 189% of gross nonfarm income. How do i amend my 2011 tax return Ann Green runs a craft business. How do i amend my 2011 tax return Her actual net earnings from self-employment were $800 in 2011 and $900 in 2012. How do i amend my 2011 tax return She meets the test for being self-employed on a regular basis. How do i amend my 2011 tax return She has used the nonfarm optional method less than 5 years. How do i amend my 2011 tax return Her gross income and net profit in 2013 are as follows: Gross nonfarm income $5,400 Net nonfarm profit $1,200 Ann's actual net earnings for 2013 are $1,108 ($1,200 × . How do i amend my 2011 tax return 9235). How do i amend my 2011 tax return Because her net profit is less than $5,024 and less than 72. How do i amend my 2011 tax return 189% of her gross income, she can use the nonfarm optional method to figure net earnings of $3,600 (2/3 × $5,400). How do i amend my 2011 tax return Because these net earnings are higher than her actual net earnings, she can report net earnings of $3,600 for 2013. How do i amend my 2011 tax return Example 2. How do i amend my 2011 tax return Net nonfarm profit less than $5,024 but not less than 72. How do i amend my 2011 tax return 189% of gross nonfarm income. How do i amend my 2011 tax return Assume that in Example 1 Ann's gross income is $1,000 and her net profit is $800. How do i amend my 2011 tax return She must use the regular method to figure her net earnings. How do i amend my 2011 tax return She cannot use the nonfarm optional method because her net profit is not less than 72. How do i amend my 2011 tax return 189% of her gross income. How do i amend my 2011 tax return Example 3. How do i amend my 2011 tax return Net loss from a nonfarm business. How do i amend my 2011 tax return Assume that in Example 1 Ann has a net loss of $700. How do i amend my 2011 tax return She can use the nonfarm optional method and report $3,600 (2/3 × $5,400) as her net earnings. How do i amend my 2011 tax return Example 4. How do i amend my 2011 tax return Nonfarm net earnings less than $400. How do i amend my 2011 tax return Assume that in Example 1 Ann has gross income of $525 and a net profit of $175. How do i amend my 2011 tax return In this situation, she would not pay any SE tax under either the regular method or the nonfarm optional method because her net earnings under both methods are less than $400. How do i amend my 2011 tax return Gross nonfarm income of more than $6,960. How do i amend my 2011 tax return   The following examples illustrate how to figure net earnings when gross nonfarm income is more than $6,960. How do i amend my 2011 tax return Example 1. How do i amend my 2011 tax return Net nonfarm profit less than $5,024 and less than 72. How do i amend my 2011 tax return 189% of gross nonfarm income. How do i amend my 2011 tax return John White runs an appliance repair shop. How do i amend my 2011 tax return His actual net earnings from self-employment were $10,500 in 2011 and $9,500 in 2012. How do i amend my 2011 tax return He meets the test for being self-employed on a regular basis. How do i amend my 2011 tax return He has used the nonfarm optional method less than 5 years. How do i amend my 2011 tax return His gross income and net profit in 2013 are as follows: Gross nonfarm income $12,000 Net nonfarm profit $1,200 John's actual net earnings for 2013 are $1,108 ($1,200 × . How do i amend my 2011 tax return 9235). How do i amend my 2011 tax return Because his net profit is less than $5,024 and less than 72. How do i amend my 2011 tax return 189% of his gross income, he can use the nonfarm optional method to figure net earnings of $4,640. How do i amend my 2011 tax return Because these net earnings are higher than his actual net earnings, he can report net earnings of $4,640 for 2013. How do i amend my 2011 tax return Example 2. How do i amend my 2011 tax return Net nonfarm profit not less than $5,024. How do i amend my 2011 tax return Assume that in Example 1 John's net profit is $5,400. How do i amend my 2011 tax return He must use the regular method. How do i amend my 2011 tax return He cannot use the nonfarm optional method because his net nonfarm profit is not less than $5,024. How do i amend my 2011 tax return Example 3. How do i amend my 2011 tax return Net loss from a nonfarm business. How do i amend my 2011 tax return Assume that in Example 1 John has a net loss of $700. How do i amend my 2011 tax return He can use the nonfarm optional method and report $4,640 as his net earnings from self-employment. How do i amend my 2011 tax return Farm Optional Method Use the farm optional method only for earnings from a farming business. How do i amend my 2011 tax return See Publication 225 for information about this method. How do i amend my 2011 tax return Using Both Optional Methods If you have both farm and nonfarm earnings, you may be able to use both optional methods to determine your net earnings from self-employment. How do i amend my 2011 tax return To figure your net earnings using both optional methods, you must: Figure your farm and nonfarm net earnings separately under each method. How do i amend my 2011 tax return Do not combine farm earnings with nonfarm earnings to figure your net earnings under either method. How do i amend my 2011 tax return Add the net earnings figured under each method to arrive at your total net earnings from self-employment. How do i amend my 2011 tax return You can report less than your total actual farm and nonfarm net earnings but not less than actual nonfarm net earnings. How do i amend my 2011 tax return If you use both optional methods, you can report no more than $4,640 as your combined net earnings from self-employment. How do i amend my 2011 tax return Example. How do i amend my 2011 tax return You are a self-employed farmer. How do i amend my 2011 tax return You also operate a retail grocery store. How do i amend my 2011 tax return Your gross income, actual net earnings from self-employment, and optional farm and optional nonfarm net earnings from self-employment are shown in Table 10-2. How do i amend my 2011 tax return Table 10-2. How do i amend my 2011 tax return Example—Farm and Nonfarm Earnings Income and Earnings Farm Nonfarm Gross income $3,000 $6,000 Actual net earnings $900 $500 Optional net earnings (2/3 of gross income) $2,000 $4,000 Table 10-3 shows four methods or combinations of methods you can use to figure net earnings from self-employment using the farm and nonfarm gross income and actual net earnings shown in Table 10-2. How do i amend my 2011 tax return Method 1. How do i amend my 2011 tax return Using the regular method for both farm and nonfarm income. How do i amend my 2011 tax return Method 2. How do i amend my 2011 tax return Using the optional method for farm income and the regular method for nonfarm income. How do i amend my 2011 tax return Method 3. How do i amend my 2011 tax return Using the regular method for farm income and the optional method for nonfarm income. How do i amend my 2011 tax return Method 4. How do i amend my 2011 tax return Using the optional method for both farm and nonfarm income. How do i amend my 2011 tax return Note. How do i amend my 2011 tax return Actual net earnings is the same as net earnings figured using the regular method. How do i amend my 2011 tax return Table 10-3. How do i amend my 2011 tax return Example—Net Earnings Net Earnings 1 2 3 4 Actual  farm $ 900   $ 900   Optional  farm   $ 2,000   $ 2,000 Actual nonfarm $ 500 $ 500     Optional nonfarm     $4,000 $4,000 Amount you can report: $1,400 $2,500 $4,900 $4,640* *Limited to $4,640 because you used both optional methods. How do i amend my 2011 tax return Fiscal Year Filer If you use a tax year other than the calendar year, you must use the tax rate and maximum earnings limit in effect at the beginning of your tax year. How do i amend my 2011 tax return Even if the tax rate or maximum earnings limit changes during your tax year, continue to use the same rate and limit throughout your tax year. How do i amend my 2011 tax return Reporting Self-Employment Tax Use Schedule SE (Form 1040) to figure and report your SE tax. How do i amend my 2011 tax return Then enter the SE tax on line 56 of Form 1040 and attach Schedule SE to Form 1040. How do i amend my 2011 tax return Most taxpayers can use Section A—Short Schedule SE to figure their SE tax. How do i amend my 2011 tax return However, certain taxpayers must use Section B—Long Schedule SE. How do i amend my 2011 tax return If you have to pay SE tax, you must file Form 1040 (with Schedule SE attached) even if you do not otherwise have to file a federal income tax return. How do i amend my 2011 tax return Joint return. How do i amend my 2011 tax return   Even if you file a joint return, you cannot file a joint Schedule SE. How do i amend my 2011 tax return This is true whether one spouse or both spouses have earnings subject to SE tax. How do i amend my 2011 tax return If both of you have earnings subject to SE tax, each of you must complete a separate Schedule SE. How do i amend my 2011 tax return However, if one spouse uses the Short Schedule SE and the other spouse has to use the Long Schedule SE, both can use the same form. How do i amend my 2011 tax return Attach both schedules to the joint return. How do i amend my 2011 tax return More than one business. How do i amend my 2011 tax return   If you have more than one trade or business, you must combine the net profit (or loss) from each business to figure your SE tax. How do i amend my 2011 tax return A loss from one business will reduce your profit from another business. How do i amend my 2011 tax return File one Schedule SE showing the earnings from self-employment, but file a separate Schedule C, C-EZ, or F for each business. How do i amend my 2011 tax return Example. How do i amend my 2011 tax return You are the sole proprietor of two separate businesses. How do i amend my 2011 tax return You operate a restaurant that made a net profit of $25,000. How do i amend my 2011 tax return You also have a cabinetmaking business that had a net loss of $500. How do i amend my 2011 tax return You must file a Schedule C for the restaurant showing your net profit of $25,000 and another Schedule C for the cabinetmaking business showing your net loss of $500. How do i amend my 2011 tax return You file Schedule SE showing total earnings subject to SE tax of $24,500. How do i amend my 2011 tax return Prev  Up  Next   Home   More Online Publications