Instructions for IRS Form 1040-SS U.S. Self-employment Tax Return (Including the Refundable Child Tax Credit for Bona Fide Residents of Puerto Rico)

IRS Form 1040-SS U.S. Self-employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico)

This document contains official instructions for IRS Form 1040-SS , U.S. Self-employment Tax Return (Including the Refundable Bona Fide Residents of Puerto Rico) - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1040-SS is available for download through this link.

FAQ

Q: What is IRS Form 1040-SS?
A: IRS Form 1040-SS is the U.S. Self-employment Tax Return specifically designed for self-employed individuals.

Q: Who should file IRS Form 1040-SS?
A: Self-employed individuals who are bona fide residents of Puerto Rico should file IRS Form 1040-SS.

Q: What is the purpose of IRS Form 1040-SS?
A: The purpose of IRS Form 1040-SS is to report self-employment income and calculate self-employment tax for individuals in Puerto Rico.

Q: What is self-employment tax?
A: Self-employment tax is a tax imposed on self-employed individuals to fund Social Security and Medicare.

Q: What is the Refundable Child Tax Credit?
A: The Refundable Child Tax Credit is a tax credit intended to provide additional financial support to families with qualifying children.

Q: Who is eligible for the Refundable Child Tax Credit?
A: Families in Puerto Rico with qualifying children may be eligible for the Refundable Child Tax Credit.

Q: What are the requirements to be a bona fide resident of Puerto Rico?
A: To be a bona fide resident of Puerto Rico, you must meet certain residency requirements and be physically present in Puerto Rico for a specified period of time.