STaxLady
Employee Tax Expert

Get your taxes done using TurboTax

@ffarfan 

 

This is a topic that will be of interest to many taxpayers for 2021. Thank you for asking!

 

The law requires the amounts deferred under the relief to be repaid in up to two payments. How much you must repay depends on how much you deferred:

  • If you deferred the whole amount you were eligible to defer, half of the deferred amount is due by December 31, 2021. The second half of the deferred amount is due by December 31, 2022.

This is an excerpt from the following TurboTax article that will provide more detailed information.

 

https://turbotax.intuit.com/tax-tips/self-employment-taxes/what-is-payroll-tax-relief-and-when-does-... 

 

Here is a link to IRS information on how to make these payments: 

 

https://www.irs.gohttps://www.irs.gov/newsroom/how-self-employed-individuals-and-household-employers... 

 

I hope this answers your question. If not, don't hesitate to reply here for more information.

 

Best Regards,

STaxLady

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