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Form 1040 SS | Form 1040 PR

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Form 1040 SS  |  Form 1040 PR

Form 1040 SS  |  Form 1040 PR

 

If you are self-employed and reside in a U.S. Territory and not required to file a U.S. income tax return, this form is designed for those taxpayers. This form allows those to report net earnings from self-employment to the U.S. and pay self-employment tax on that income.

 

What Is Form 1040-SS?

To file Form 1040-SS, you must meet all the requirements as listed here:

  • You, or your spouse if filing a joint return, had net earnings of $400 or more from self-employment
  • You do not have to file Form 1040 in the U.S.
  • You are a bona fide reside of: Guam, American Samoa, The USVI, the SNMI or Puerto Rico.

Note: If you are a resident of Puerto Rico, you must file Form 1040-PR to report household employment taxes or claim other credits such as ACTC or health coverage.

 

What Is Form 1040-PR?

IRS Form 1040-PR for Spanish Speakers is available for those who are a resident of Puerto Rico but do not speak English or prefer Spanish.

Form 1040-SS Instructions

To ensure you complete the 1040-SS form correctly, you will need to carefully follow the IRS instructions, which are available in English and Spanish. The 1040-SS instructions are a guide which will walk you through the best way to calculate your self-employment tax. As you begin to prepare and file IRS Form 1040-SS, here are some important items to help you along:

  • If you make earnings of $400 or more from self-employment, you are required to file and pay self-employment (SE) taxes. If you earned income from a Church, you must pay SE tax on earnings of $108.28 or more
  • Next you will need to provide income and expenses from self-employment to determine your net profit or less and what amount is due in tax.
  • Remember to file your 1040-SS form by April 15th! If you cannot file by this deadline, you should file for an extension to allow extra time to file, but not to pay.
  • If possible, always efile your tax return as this allows for less mailing issues and quicker processing times.  If you do need to mail, be sure it is post-marked by the due date to avoid late filing penalties.

Note: You may also be required to file an income tax return with the government where you are residing

 

Need Help With Filing Your 1040-SS?

Agreed, IRS Form 1040-SS can be very confusing. Tax professionals are trained in taxes and there to help taxpayer as they understand tax law is confusing and every changing.  The professionals at Legacy Tax & Resolution Services, LLC are experienced in understand the tax laws and new laws that come along each tax year.  Our firm has been around for over 25 years and our great achievement is assisting taxpayers in assuring they pay only the tax that is absolutely necessary!

 

Call us today for a free consultation. 1-800-829-7483

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