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1040 Ss Form – Fill Out and Use This PDF

The Form 1040-SS is a tax document for the Department of the Treasury Internal Revenue Service addressing U.S. Self-Employment Tax Return, including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico and other U.S. territories. It serves individuals residing in U.S. territories like Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands, making it essential for managing their tax responsibilities effectively for the year 2020. To ensure compliance and optimize your tax benefits, familiarize yourself with the details and guidelines provided for completing this form.

To begin filling out your Form 1040-SS and navigate through your tax filing process smoothly, click the button below.

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1040 Ss Form PDF Details

Understanding the nuances of the Form 1040-SS is essential for individuals navigating the complexities of self-employment taxes within U.S. territories. This form serves a pivotal role for residents of the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and Puerto Rico, encompassing the tax year from January 1 to December 31, 2020. In addition to calculating self-employment tax, it uniquely allows for the Additional Child Tax Credit for bona fide residents of Puerto Rico. The form prompts an individual's filing status, information on qualifying children for the additional child tax credit, and details pertinent to self-employment tax and any applicable credits. Moreover, it addresses the total tax and payments, ensuring clarity on refunds or amounts owed. For those dealing with virtual currency, household employment taxes, and health coverage tax credits, amongst other situations, Form 1040-SS provides a comprehensive platform for reporting. The form also extends to cover aspects of profit or loss from farming and business operations, allowing for a detailed account of income and expenses incurred within these activities. Navigating this form accurately is fundamental for taxpayers in these territories to meet their tax obligations while maximizing potential benefits available to them.

Question	Answer
Form Name	1040 Ss Form
Form Length	4 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	1 min
Other names	form 1040 ss internal revenue service, form self employment, form 1040, sba form agreement

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Form 1040-SS

Department of the Treasury Internal Revenue Service

U.S. Self-Employment Tax Return (Including the Additional Child Tax

Credit for Bona Fide Residents of Puerto Rico)

U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or Puerto Rico.
For the year Jan. 1–Dec. 31, 2020, or other tax year beginning	, 2020, and ending	, 20	.

▶Go to WWW.IRS.GOV/FORM1040SS for instructions and the latest information.

OMB No. 1545-0090

2020

Please type or print

Your first name and initial	Last name		Your social security number

If a joint return, spouse’s first name and initial	Last name		Spouse’s social security number

Present home address (number, street, and apt. no., or rural route)

City, town or post office, commonwealth or territory, and ZIP code

Foreign country name		Foreign province/state/county		Foreign postal code

At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?

Yes

Part I Total Tax and Credits

1 Filing status. Check the box for your filing status (see instructions). Single	Married filing jointly
Married filing separately. Enter spouse’s social security no. above and full name here. ▶

2Qualifying children. Complete only if you are a bona fide resident of Puerto Rico and you are claiming the additional child tax credit (see instructions).

If more than four qualifying children, see instructions and check here.

(a) First name

Last name

(b)Child’s

social security number

(c)Child’s

relationship to you

3	Self-employment tax from Part V, line 12
4	Household employment taxes (see instructions). Attach Schedule H (Form 1040)
5	Additional Medicare Tax. Attach Form 8959
6	Total tax. Add lines 3 through 5 (see instructions)
7	2020 estimated tax payments (see instructions)	7
8	Excess social security tax withheld (see instructions)	8
9	Additional child tax credit from Part II, line 3	9
10	Health coverage tax credit. Attach Form 8885	10

11Deferral. If line 3 or line 4 is more than zero, see instructions for the amount to

	enter			11
12	Total payments and credits (see instructions)
13	If line 12 is more than line 6, subtract line 6 from line 12. This is the amount you overpaid . . . .
14a	Amount of line 13 you want refunded to you. If Form 8888 is attached, check here . . .					.	▶
b	Routing number	▶ c Type:	Checking		Savings
b	Routing number	▶ c Type:	Checking		Savings
d	Account number
d	Account number
15	Amount of line 13 you want applied to 2021 estimated tax . .		. . . ▶		15
15			. . . ▶		15
16	Amount you owe. If line 6 is more than line 12, subtract line 12 from line 6. See instructions					.	. ▶

14a

Third Party Designee

Do you want to allow another person to discuss this return with the IRS (see instructions)?

Designee’s	Phone
name ▶	no. ▶

Yes. Complete the following.

Personal Identification

Number (PIN)

▶

Sign

Here

Joint Return? See instructions. Keep a copy for your records.

▲

Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than the taxpayer) is based on all information of which the preparer has any knowledge.

Your signature	Date	Daytime phone number		If the IRS sent you an Identity Protection PIN, enter
				it here (see inst.)

Spouse’s signature. If a joint return, both must sign.		Date	If the IRS sent your spouse an Identity Protection PIN,
			enter it here (see inst.)

Paid	Print/Type preparer’s name	Preparer’s signature	Date		Check	if	PTIN

Preparer					self-employed
	Firm’s name ▶			Firm’s EIN ▶
Use Only
	Firm’s address ▶			Phone no.

For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see instructions.			Cat. No. 17184B			Form 1040-SS (2020)

Form 1040-SS (2020)		Page 2

Part II	Bona Fide Residents of Puerto Rico Claiming Additional Child Tax Credit—See instructions.

Caution: You must have three or more qualifying children to claim the additional child tax credit.

1 Income derived from sources within Puerto Rico . . . . . . . . . . . . . . . . . .

2Withheld social security, Medicare, and Additional Medicare taxes from Puerto Rico Form(s) 499R-2/

W-2PR (attach copy of form(s)). If married filing jointly, include your spouse’s amounts with yours .

3Additional child tax credit. Use the worksheet in the instructions to figure the amount to enter here and in Part I, line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part III Profit or Loss From Farming—See the Instructions for Schedule F (Form 1040).

Name of proprietor

Social security number

Note: If you are filing a joint return and both you and your spouse had a profit or loss from a farming business, see Joint returns and Business Owned and Operated by Spouses in the instructions for more information.

Section A—Farm Income—Cash Method

Complete Sections A and B. (Accrual method taxpayers, complete Sections B and C, and Section A, line 11.)

Don’t include sales of livestock held for draft, breeding, sport, or dairy purposes (see instructions).

1	Sales of livestock and other items you bought for resale			1
2	Cost or other basis of livestock and other items reported on line 1 . . . .			2
3	Subtract line 2 from line 1		. . . . . . .		3
4	Sales of livestock, produce, grains, and other products you raised		. . . . . . .		4
5a	Total cooperative distributions (Form(s) 1099-PATR)	5a	5b Taxable amount		5b
6	Agricultural program payments received		. . . . . . .		6
7	Commodity Credit Corporation (CCC) loans reported under election (or forfeited)				7
8	Crop insurance proceeds		. . . . . . .		8
9	Custom hire (machine work) income		. . . . . . .		9
10	Other income		. . . . . . .		10
11	Gross farm income. Add amounts in the right column for lines 3 through 10. If accrual method
	taxpayer, enter the amount from Section C, line 50			. . . . . . ▶	11

Section B—Farm Expenses—Cash and Accrual Method

Don’t include personal or living expenses (such as taxes, insurance, or repairs on your home) that didn’t produce farm income. Reduce the amount of your farm expenses by any reimbursements before entering the expenses below.


12	Car and truck expenses					25	Pension and profit-sharing	plans
	(see instructions)				12		. . . . . . . . . . .		25
13	Chemicals				13	26	Rent or lease:
14	Conservation expenses . . .				14	a	Vehicles, machinery, and
15	Custom hire (machine work) . .				15		equipment		26a
16	Depreciation	and	section 179			b	Other (land, animals, etc.) . . .		26b
16	Depreciation	and	section 179			27	Repairs and maintenance . . .		27
	expense deduction not			claimed		27	Repairs and maintenance . . .		27
	elsewhere (Attach		Form 4562 if			28	Seeds and plants purchased . .		28
	required.)				16	29	Storage and warehousing . .		29
17	Employee	benefit		programs		30	Supplies purchased . . . .		30
	other than on line 25 . . . .				17	31	Taxes		31
18	Feed purchased				18	32	Utilities		32
19	Fertilizers and lime				19	33	Veterinary, breeding, and
20	Freight and trucking . . . .				20		medicine		33
21	Gasoline, fuel, and oil . . . .				21	34	Other expenses (specify):
22	Insurance (other than health) .				22	a			34a
23	Interest (see instructions):					b			34b
a	Mortgage (paid to banks, etc.) .				23a	c			34c
b	Other				23b	d			34d
24	Labor hired				24	e			34e
35	Total expenses. Add lines 12 through 34e						. . . . . . . . . .	. ▶	35
36	Net farm profit or (loss). Subtract line 35 from line 11. Enter the result here and in Part V, line 1a .								36

Form 1040-SS (2020)

Form 1040-SS (2020)				Page 3
	Section C—Farm Income—Accrual Method
	Don’t include sales of livestock held for draft, breeding, sport, or dairy purposes on any of the lines below (see instructions).

37	Sales of livestock, produce, grains, and other products during the year			37
38a	Total cooperative distributions (Form(s) 1099-PATR)	38a	38b Taxable amount .	38b
39	Agricultural program payments received			39
40	Commodity Credit Corporation (CCC) loans reported under election (or forfeited)			40
41	Crop insurance proceeds			41
42	Custom hire (machine work) income			42
43	Other farm income (specify)			43
44	Add the amounts in the right column for lines 37 through 43			44

45Inventory of livestock, produce, grains, and other products at the beginning of

	the year	45
46	Cost of livestock, produce, grains, and other products purchased during the year	46
47	Add lines 45 and 46	47
48	Inventory of livestock, produce, grains, and other products at the end of the year	48
49	Cost of livestock, produce, grains, and other products sold. Subtract line 48 from line 47* . . . .		49
50	Gross farm income. Subtract line 49 from line 44. Enter the result here and in Part III, line 11 . . ▶		50

*If you use the unit-livestock-price method or the farm-price method of valuing inventory and the amount on line 48 is larger than the amount on line 47, subtract line 47 from line 48. Enter the result on line 49. Add lines 44 and 49. Enter the total on line 50 and in Part III, line 11.

Part IV Profit or Loss From Business (Sole Proprietorship)—See the Instructions for Schedule C (Form 1040).

Name of proprietor

Social security number

Note: If you are filing a joint return and both you and your spouse had a profit or loss from a business, see Joint returns and Business Owned and Operated by Spouses in the instructions for more information.

Section A—Income

1	Gross receipts $			Less returns and allowances $					Balance ▶	1
2a	Inventory at beginning of year						. . . .	2a
b	Purchases less cost of items withdrawn for personal use . . .						. . . .	2b
c	Cost of labor. Don’t include any amounts paid to yourself . . .						. . . .	2c
d	Materials and supplies						. . . .	2d
e	Other costs (attach statement)						. . . .	2e
f	Add lines 2a through 2e						. . . .	2f
g	Inventory at end of year						. . . .	2g
h	Cost of goods sold. Subtract line 2g from line 2f						. . . . .	. . . . . . .		2h
3	Gross profit. Subtract line 2h from line 1						. . . . .	. . . . . . .		3
4	Other income						. . . . .	. . . . . . .		4
5	Gross income. Add lines 3 and 4						. . . . .	. . . . . . ▶		5
					Section B—Expenses
6	Advertising			6		18	Rent or lease:
7	Car and truck expenses					a	Vehicles, machinery, and
	(see instructions)			7			equipment .	. . . . . . .		18a
8	Commissions and fees . . .			8		b	Other business property . . .			18b
9	Contract labor			9		19	Repairs and maintenance . . .			19
10	Depletion			10		20	Supplies (not included in Section A)			20
11	Depreciation and		section 179			21	Taxes and licenses			21
	expense	deduction	not claimed			22	Travel and meals:
	elsewhere. (Attach Form 4562 if					a	Travel . .	. . . . . . .		22a
	required.)			11		b	Deductible meals			22b
12	Employee	benefit	programs			23	Utilities . .	. . . . . . .		23
	(other than on line 17) . . . .			12		24	Wages not included on line 2c .			24
13	Insurance (other than health) .			13		25a	Other expenses (list type and amount):

14Interest on business indebtedness

Form 1040-SS (2020)

Form 1040-SS (2020)		Page 4
Part V	Self-Employment Tax—If you had church employee income, see instructions before you begin.

Name of person with self-employment income

Social security number of person with self-employment income ▶

Note: If you are filing a joint return and both you and your spouse had self-employment income, you must each complete a separate Part V.

AIf you are a minister, member of a religious order, or Christian Science practitioner and you filed Form 4361, but you had

$400 or more of other net earnings from self-employment, check here and continue with Part V . . .		. . . . . ▶
1a Net farm profit or (loss) from Part III, line 36, and your distributive share from farm partnerships. Note:
Skip lines 1a and 1b if you use the farm optional method (see instructions)		1a

bIf you received social security retirement or disability benefits, enter the amount of Conservation Reserve Program payments included in Part III, line 6, plus your distributive share of these payments

	from farm partnerships	. . . . . . .				1b	(	)
2	Net nonfarm profit or (loss) from Part IV, line 27, and your distributive share from nonfarm
	partnerships. Ministers and members of religious orders, see instructions for amounts to report on
	this line. See instructions for other income to report. Note: Skip this line if you use the nonfarm
	optional method (see instructions)	. . . . . . .				2
3	Combine lines 1a, 1b, and 2	. . . . . . .				3
4a	If line 3 is more than zero, multiply line 3 by 92.35% (0.9235). Otherwise, enter the amount from
	line 3	. . . . . . .				4a
	Note: If line 4a is less than $400 due to Conservation Reserve Program payments on line 1b, see
	instructions.
b	If you elect one or both of the optional methods, enter the total of lines 2 and 4 of Part VI here . . .					4b
c	Combine lines 4a and 4b. If less than $400, stop; you don’t owe self-employment tax. Exception. If
	less than $400 and you had church employee income, enter -0- and continue .	. . .	.	.	. ▶	4c
5a	Enter your church employee income from Form(s) W-2, W-2AS, W-2CM,
	W-2GU, W-2VI, or 499R-2/W-2PR. See instructions for definition of church
	employee income	5a
b	Multiply line 5a by 92.35% (0.9235). If less than $100, enter -0-	. . . . . . .				5b
6	Add lines 4c and 5b	. . . . . . ▶				6
7	Maximum amount of combined wages and self-employment earnings subject to social security tax for
	2020	. . . . . . .				7		137,700
8a	Total social security wages and tips from Form(s) W-2, W-2AS, W-2CM,
	W-2GU, W-2VI, or 499R-2/W-2PR. If $137,700 or more, skip lines 8b through
	10, and go to line 11	8a
b	Unreported tips subject to social security tax from Form 4137, line 10 (see
	instructions)	8b
c	Wages subject to social security tax from Form 8919, line 10 (see instructions)	8c
d	Add lines 8a, 8b, and 8c	. . . . . . .				8d
9	Subtract line 8d from line 7. If zero or less, enter -0- here and on line 10 and go to line 11		.	.	. ▶	9
10	Multiply the smaller of line 6 or line 9 by 12.4% (0.124)	. . . . . . .				10
11	Multiply line 6 by 2.9% (0.029)	. . . . . . .				11
12	Self-employment tax. Add lines 10 and 11. Enter here and in Part I, line 3 . .	. . . . . . .				12

Part VI Optional Methods To Figure Net Earnings—See instructions for limitations.

Note: If you are filing a joint return and both you and your spouse choose to use an optional method to figure net earnings, you must each complete and attach a separate Part VI.

Farm Optional Method

1 Maximum income for optional methods . . . . . . . . . . . . . . . . . . . . .

2Enter the smaller of: two-thirds (2/3) of gross farm income (Part III, line 11, plus your distributive share from farm partnerships), but not less than zero; or $5,640. Also, include this amount in Part V, line 4b above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Nonfarm Optional Method

3	Subtract line 2 from line 1

4Enter the smaller of: two-thirds (2/3) of gross nonfarm income (Part IV, line 5, plus your distributive share from nonfarm partnerships), but not less than zero; or the amount in Part VI, line 3 above. Also, include this amount in Part V, line 4b above . . . . . . . . . . . . . . . . . . . .

5,640

Form 1040-SS (2020)

Form 1040-SS (2020)		Page 5
Part VII	Maximum Deferral of Self-Employment Tax Payments—See instructions.

If Part V, line 4c is zero, skip lines 1 through 3, and enter -0- on line 4.

1Enter the portion of Part V, line 3, that can be attributed to March 27, 2020, through December 31,

2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2If line 1 is more than zero, multiply line 1 by 92.35% (0.9235); otherwise, enter the amount from line 1

3Enter the portion of Part VI, lines 2 and 4, that can be attributed to March 27, 2020, through

December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 Combine lines 2 and 3 . . . . . . . . . . . . . . . . . . . . . . . . . .

If Part V, line 5b is zero, skip line 5 and enter -0- on line 6.

5Enter the portion of Part V, line 5a, that can be attributed to March 27, 2020, through December 31,

	2020
6	Multiply line 5 by	92.35% (0.9235)
7	Add lines 4 and 6
8	Enter the smaller of Part V, line 9; or Part VII, line 7
9	Multiply line 8 by	6.2% (0.062). Enter here and see the instructions for line 11 of Part I

Form 1040-SS (2020)

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form 1040 writing process explained (portion 1)

2. Once your current task is complete, take the next step – fill out all of these fields - Household employment taxes see, a b Credit for qualified, a Credit for qualified sick, b Repayment of advance child tax, Total tax Add lines through b, a b , a Amount of line you want, Total payments and credits see, a, b Routing number, d Account number, c Type, Checking, Savings, and Amount of line you want applied with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

form 1040 conclusion process described (part 2)

Always be extremely careful while filling out d Account number and b Repayment of advance child tax, because this is where a lot of people make a few mistakes.

3. The following segment should be relatively straightforward, Paid Preparer Use Only, Firms name , Firms address , Firms EIN , Phone no, For Disclosure Privacy Act and, wwwirsgovFormSS, Cat No B, and Form SS - every one of these empty fields must be filled in here.

Cat No B, Firms EIN , and Firms address inside form 1040

4. It is time to fill in this fourth section! Here you will get all of these Bona Fide Residents of Puerto Rico, Part II Tip Bona fide residents of, Modified adjusted gross income , the amount from line of the, Profit or Loss From FarmingSee, Part III Name of proprietor, Social security number, Note If you are filing a joint, Business Owned and Operated by, Complete Sections A and B Accrual, Dont include sales of livestock, Section AFarm IncomeCash Method, Sales of livestock and other items, Subtract line from line Sales, and Cost or other basis of empty form fields to fill in.

5. This form must be wrapped up by filling in this area. Here you will find a full listing of form fields that have to be filled in with correct information to allow your document usage to be complete: Dont include personal or living, Reduce the amount of your farm, Car and truck expenses, see instructions , Chemicals Conservation, Depreciation and section expense, Employee benefit programs other, Gasoline fuel and oil , Insurance other than health, a Mortgage paid to banks etc b, a b, Labor hired Pension and, a Vehicles machinery and, equipment , and b Other land animals etc .

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(see instructions)

Legal and professional services .

Office expense

Pension and profit-sharing plans

Total other expenses . . . .

Total expenses. Add lines 6 through 25b

. . . . . . . .

. . . . . . . . . . . ▶

Net profit or (loss). Subtract line 26 from line 5. Enter the result here and in Part V, line 2 . . . .