I received an email from turbotax telling me that it’s time to pay my deffered taxes and that I have until Dec 31 to do so. So I logged on to the IRS website and it shows that I owe nothing. Since the IRS says I don’t have a balance am I in the green?
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.
I see that, I dont remember doing that, but where would I go about paying that if I don’t have a balance with the IRS?
How to repay the Deferred self employment tax
You should have gotten a notice in the mail from the IRS about 2 weeks ago reminding you of this payment. It will not show up on the IRS site because you owe it to the SS administration not the IRS directly.