The maximum allowed deferral amount of self-employment taxes are calculated on the deferral worsheet of Schedule 3 line 12e and is split equally between 2021 and 2022, If allowed and elected, To enter the deferral, you may follow the steps below.
- Login to Turbo Tax.
Jump to Business tab, then click Business taxes..
Click Self-employment taxes, then continue.
The screen "Some of your self-employment taxes may be eligible for deferral" click continue.
Answer Yes on "Did you want more time to pay your self-employment taxes?".
Next screen, enter the net self-employment income you earned from March 27, 2020 through December 31, 2020, or if you received steady self-employment income throughout the year, enter 76.5% of self-employment income.
The next screen will show how much self-employment taxes you may defer, click continue.
The next screen will say "okay, you're all set up", an itemized payment schedule will appear.You're deferring and $ amount of your self-employment social security tax.
See. deferral of self-employment tax deposits and payments, link for information.
