Form 1040-SS (2019)

What Is Form 1040 SS

For individuals residing in the United States, tax documentation often involves understanding and completing various forms during tax season. Form 1040-SS is a crucial document geared towards particular groups of taxpayers. Essentially, Form 1040-SS is a U.S. Self-Employment Tax Return that is intended for residents of the U.S. territories, as well as for those who need to report self-employment income. This form facilitates reporting income earned from self-employment activities and calculates the self-employment tax owed to the IRS.

When to Use Form 1040 SS 2019

Form 1040-SS 2019 should be utilized in a range of specific situations, which include:

• Residents of Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, or the Commonwealth of the Northern Mariana Islands.
• U.S. citizens or resident aliens with a tax home in a foreign country meet one of the self-employment income thresholds.
• Self-employed individuals whose net earnings were $400 or more for the tax year. This includes earnings from a trade, business, or profession conducted as an individual or partner.
• Recipients of church employee income of $108.28 or more.

Individuals who fall into these categories must file Form 1040-SS to accurately report their earnings and determine their Social Security and Medicare tax contributions.

How To Fill Out Form 1040 SS 2019

Filling out the 2019 version of Form 1040-SS involves a multi-step process:

Personal Information:

At the top of the form, fill in your full name, Social Security Number, and, if applicable, your spouse’s name and SSN.

Income Calculation:

Enter your total income derived from self-employment. Subtract any applicable deductions to calculate your net earnings from self-employment.

Church Employee Income:

If you received income as a church employee, report this on the designated line.

Self-Employment Tax:

Use the provided worksheet to calculate your self-employment tax owed. This ensures the right Social Security and Medicare contribution amounts based on your net earnings.

Additional Tax and Credits:

Apply any additional child tax credit or credits for the health coverage tax credit as necessary.

Payments:

Record any estimated tax payments you made during the year.

Refund or Amount Owed:

Deduct your credits from your self-employment tax to determine whether you are due a refund or owe additional tax.

Filing Status and Dependents:

Check the appropriate box for your filing status and list any dependents.