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Get your taxes done using TurboTax
Entering $0 in the tax return should not provoke an IRS audit. The self-employment tax deferral is an optional benefit.
If you have employees, you can defer the 6.2% employer portion of Social Security tax for March 27, 2020 through December 31, 2020. Self-employed taxpayers can also postpone the payment of 50% of the Social Security portion of their self-employment tax for the same period.
This is 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.
See also this TurboTax Help.
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February 18, 2021
8:38 AM
4,488 Views