Deferred Payment (self employed)

There is nothing to do in TurboTax.  Just go to the IRS Payments website and make your payment.

How individuals can repay the deferred taxes

Individuals can pay the deferred amount any time on or before the due date. They:

• Can make payments through the Electronic Federal Tax Payment System or by credit or debit card, money order or with a check.
• Should be separate payments from other tax payments to ensure they are applied to the deferred tax balance on the tax year 2020 Form 1040 since IRS systems won't recognize the payment for deferred tax if it is with other tax payments or paid with the current Form 1040.
• Should designate the payment as "deferred Social Security tax."

Individuals making deferred Social Security tax payments in EFTPS should select 1040 US Individual Income Tax Returns and deferred Social Security tax for the type of payment. They must apply the payment to the 2020 tax year where they deferred the payment. Taxpayers can visit EFTPS.gov for details.

IRS self employment tax deferred info

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

And see (starting with question 18)

https://www.irs.gov/newsroom/deferral-of-employment-tax-deposits-and-payments-through-december-31-20...

@DanPaul02 

Wrong link for payment if differed SE  taxes ... need to use the EFTPS system.

see this link and note this key phrase "Should designate the payment as "deferred Social Security tax.""

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

from what I was able to check Direct Pay is not available as of yet (can't specify its a deferred Social Security Tax Payment). however, the IRS has until 12/31/021 to update its payment methods. so if you want o pay now that leaves mailing a check or money order or using the EFTPS system which requires you to sign up then wait for a letter from the IRS with a code that will allow you to finish your sign up.  while payment by check or money order is possible the IRS does not specify an address to which it should be sent on the link.   

Thank you for the detailed answer! When I'm making the payment though, there's no option for "deferred payment". Am I correct in assuming that "balance due" is the right option to select?

NO... If the option is not available in the regular IRS payment situation then do not enter it as a 2020 balance due. Read your notice carefully it tells you you must use the EFTPS system to make the payment where that option for deferred payment is available. If you cannot set up an EFTPS account then you can mail in a check. Again read the instructions on the IRS notice carefully.