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Get your taxes done using TurboTax
No matter if you intended to do it or not you are on the hook to pay the deferred taxes as required ... the fact that TT didn't tell you how to do this is because the IRS just recently posted that information since they had to figure it out themselves and program the system to handle this unique change ...
The IRS is just now sending out reminder letters about this repayment and the specifics on how/when to pay them. You can wait for your notice or go online ... they recently published instructions ...
This link has the information needed for the Self Employed - https://www.irs.gov/newsroom/how-self-employed-individuals-and-household-employers-repay-deferred-so...
How individuals can repay the deferred taxes
Individuals can pay the deferred amount any time on or before the due date. They:
- Can make payments through the Electronic Federal Tax Payment System or by credit or debit card, money order or with a check.
- Should be separate payments from other tax payments to ensure they are applied to the deferred tax balance on the tax year 2020 Form 1040 since IRS systems won't recognize the payment for deferred tax if it is with other tax payments or paid with the current Form 1040.
- Should designate the payment as "deferred Social Security tax."
Individuals making deferred Social Security tax payments in EFTPS should select 1040 US Individual Income Tax Returns and deferred Social Security tax for the type of payment. They must apply the payment to the 2020 tax year where they deferred the payment. Taxpayers can visit EFTPS.gov for details.
How to repay the deferred taxes for employers:
Employers can make the deferral payments through the Electronic Federal Tax Payment System or by credit or debit card, money order or with a check. These payments must be separate from other tax payments to ensure they applied to the deferred payroll tax balance.
https://www.irs.gov/newsroom/what-employers-need-to-know-about-repayment-of-deferred-payroll-taxes