Question

Hi - somehow my 2020 turbo tax document includes a deferred payment? I never asked for a deferred pmt option. Will you fix this for me please?

Forum|Forum|4 years ago
December 15, 2021
1 reply
0 views

I don't even know how this number was even determined? This is bizarre - has anyone had this happen before and how do they fix it?

TurboTax Online

VolvoGirl

Employee

Did you have self employment income and a Net Profit on Schedule C? You probably owe self employment tax.

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.

See this post about it

https://ttlc.intuit.com/community/after-you-file/discussion/never-received-notice-about-deferring-ss-taxes-in-2020-now-am-being-contacted-by-irs-for-payment/00/2378772

How to repay the Deferred self employment tax

How self-employed individuals and household employers repay deferred Social Security tax | Internal Revenue Service

VolvoGirl

Employee

Did you already file 2020 or just working on it now? If you haven't filed you need to be using the Desktop program. You can go in and elect not to defer it. If you already filed and the tax was deferred there is nothing to fix. You do owe it.