Cares Act Section 2302

Forum|Forum|4 years ago
August 5, 2021
12 replies
50 views

Why did Turbotax automatically select to defer the employer's share of the Social Security tax for my self employment taxes? I use Turbotax as a tax preparation tool and trusted that I would be guided through the process. I never would have opted to defer a payment that would come due at a later date. Today I received a notice from the IRS stating that half of my deferral payment will be due by December 31, 2021.

TurboTax Self Employed Online

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gzdhhz

Level 2

Same for me as everyone - I did the deferral.

I paid 1/2 back as directed by the IRS in 2021.

Do I need to put this payment anywhere on my 2021 1040 return???

Thanks

JamesG1

Level 15

The self employment tax deferral on the 2020 Federal 1040 tax return was to be paid back as explained here.

But the payment is not an entry on the 2021 Federal 1040 tax return.

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Grumpsalot00

Level 2

They got me too! The letter came yesterday. I went back and opened my 2020 software. I didn't have a tic for the selection but it gave it gave me the credit on the tax form anyway. Lack of diligence on my part, I guess. Was so happy with the bottom line, failed to see how it got there. Ah well.