You want to go through with it because it would leave you responsible for only one-half of the payroll taxes, instead of all of them. That could add up to significant savings for you in the end.
Another thing to keep in mind is that you want to file your return by the deadline even if you cannot pay all of the tax. You can request a payment plan for the tax due (TurboTax will walk you through it before filing). While you will still have late payment penalties and some interest, those penalties are significantly less than the penalties for filing late.
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