Figuring Your Net Earnings

Some income doesn't count for Social Security. Don't include the following in figuring your net earnings:

• Dividends from shares of stock and interest on bonds, unless you receive them as a dealer in stocks and securities.

• Interest from loans, unless your business is lending money.

• Rentals from real estate, unless you are a real estate dealer or regularly provide services mostly for the convenience of the occupant.

• Income received from a limited partnership.

How To Report Earnings

You must complete the following federal tax forms by April 15 following any year in which you have net earnings of $400 or more:

• Form 1040 (U.S. Individual Income Tax Return)

• Schedule C (Profit or Loss from Business) or Schedule F (Profit or Loss from Farming) as appropriate

• Schedule SE (Self-Employment Tax)

You can download these forms from the IRS "Forms and Publications" website. Send your tax return and schedules along with your self-employment tax to the IRS.

Even if you don't owe any income tax, you must complete Form 1040 and Schedule SE to pay self-employment Social Security tax. This is true even if you already get Social Security benefits.