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February 23, 2021
Question

What value do I need to put in Sch SE-T: Max deferral line 18?

  • February 23, 2021
  • 1 reply
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Do I enter a value here only if I want to defer any tax payment?

1 reply

February 23, 2021

The form Schedule-SE are used to calculate self-employment taxes. You can elect to defer the full amount by 12/31/2021 or pay half and pay the rest by 21/31/2022. You may follow the steps below to defer the self-employment taxes.

  1. Login to Turbo Tax.
  2. Jump to Business tab, then click Business taxes..
  3. Click Self-employment taxes, then continue.
  4. The screen "Some of your self-employment taxes may be eligible for deferral" click continue.
  5. Answer Yes on "Did you want more time to pay your self-employment taxes?".
  6. Next screen, enter the net self-employment income you earned from March 27, 2020 through December 31, 2020, or if you received steady self-employment income throughout the year, enter 76.5% of self-employment income.
  7. The next screen will show how much self-employment taxes you may defer, click continue.
  8. The next screen will say "okay, you're all set up", an itemized payment schedule will appear.You're deferring and $ amount of your self-employment social security tax.
  • $ is due on or before  12/31/2021.
  • $ is due on or before 12/31/2022.