Another question I have is about the related Deduction that is allowed. Deductions - Self Employment Tax Deferral Taxes. - Because I received a 1099-NEC the income is considered self employment by the IRS. So can these taxes be deferred that were not paid in, provided this income is reported on Schedule C?
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. It appears the Medicare Tax was not included in this waiver. If you think you may be eligible for the self-employment tax deferral, TT will walk you through the requirements as well as calculating how much tax you owe and how much you can defer.
