The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) gives self-employed taxpayers the option to delay paying a portion of their Social Security taxes when they meet certain requirements.
The option to defer only applies to Social Security taxes for self-employment income you earned from March 27, 2020 through December 31, 2020. This income is typically reported on Schedule C (profit or loss from business) or Schedule H (for household employees) of your tax return.
If you think you may be eligible for the self-employment tax deferral, the program will walk you through the requirements as well as calculating how much tax you owe and how much you can defer.
Note: If you've already paid your self-employment taxes or they were withheld on your W-2, you're not eligible to defer them.
To allow the program to walk you through the steps, follow here:
In TurboTax online,
- Sign into your account, select Pick up where you left off
- To the left, select Federal
- Over the top, select Deductions & Credits
- Scroll down to "Tax relief related to COVID-19"
- Select Self-employment tax deferral
To learn more, click here: Self employment deferral
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