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February 15, 2021
Question

What should i do for "Enter the portion of line 3 that can be attributed to March 27, 2020,through December 31, 2020" on form 1040

  • February 15, 2021
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February 15, 2021

"The Coronavirus Aid, Relief, and Economic Security (CARES) Act permits certain individuals who file Schedule SE or Schedule H to defer the payment of 50% of the social security tax imposed for the period beginning on March 27, 2020, and ending December 31, 2020." See page 6 of the 1040 Instructions

 

In other words, because of the pandemic, certain taxpayers are being allowed to delay (not eliminate) paying the self-employment taxes (also called payroll taxes), which is what Schedule SE calculates. 

 

Do you want to defer any of your self-employment tax? (Of course, it will just have to paid in 2021).

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