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Does Turbotax recalculate deductible SE Taxes if you choose to defer a portion of your SE Taxes?
I have input everything for 2020 taxes. Turbotax calculated the SE Tax deduction for my Schedule C income. At the end of working on my taxes I answered the question to defer the portion of my SE Taxes allowed for this tax season. I believe that would mean that I can not deduct all my SE Taxes in Business Income and Expenses because I am deferring a portion of them?
However it looks like that deduction amount has not changed (the taxes that I owe went down though).
Is this correct or do I manually have to recalculate the SE Taxes for the Business Income and Expenses deduction?
‎April 12, 2021
11:43 AM