Question

CARES Act Deferral IRS Letter

Forum|Forum|4 years ago
August 27, 2021
1 reply
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I just received a letter indicating that my 2020 TurboTax return requires payment of the subject deduction.

I'd like to discuss this with a TurboTax consultant/CPA.

thanks,

Arthur Amberg

VolvoGirl

Employee

The self employment tax deferral is 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 13.

See 1040 instuctions page 104 for schedule 3 line 12e SE tax deferral

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

IRS self employment tax deferred info

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

And see (starting with question 18)

https://www.irs.gov/newsroom/deferral-of-employment-tax-deposits-and-payments-through-december-31-2020

See screen shots on this post by Critter

https://ttlc.intuit.com/community/after-you-file/discussion/i-got-an-irs-letter-3064c-stating-that-i-had-deferred-175-from-2020-something-from-cares-act-i-didn/00/2342743