Question

I did not delay any taxes last year, yet I owe deferred taxes?

Forum|Forum|4 years ago
December 18, 2021
1 reply
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I do not know where to find the deferred taxes that I owe. I do not remember delaying any taxes last year.

TurboTax Deluxe Online

Employee

The CARES act was new for 2020. It has to do with paying the self employment tax if you had a Net Profit on Schedule C.

The self employment tax deferral was an optional benefit. It is also a deferral rather than forgiveness, so those amounts will eventually need to be repaid. Half of the deferred amount is due on December 31, 2021, and the other half is due on December 31, 2022.

Check if you have a Schedule 3 line 12e which goes to 1040 line 31.

How to pay the deferred self employment tax
https://www.irs.gov/newsroom/how-self-employed-individuals-and-household-employers-repay-deferred-social-security-tax