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Business & farm
To get past this screen so you can file your taxes, you need to update Schedule SE-T.
The process: delete Sch SE-T, take a quick run through of the self-employment to recalculate Sch SE-T, and then turn off the Max Deferral.
To do this in TurboTax, follow these steps:
First, delete Sch SE-T that applies by following these steps:
- From the left menu, select Tax Tools.
- Select Tools.
- Scroll to Delete a Form.
- Scroll to Sch SE-T, select Delete, confirm the deletion.
Next, to replace Sch SE-T, return to the self-employment income & expenses interview in the Income & Expenses section and select Edit/Add.
- Select Edit for your business.
- Scroll down to Done so that the Sch SE is recalculated.
- Finish any other questions in the self-employment interview and click Continue.
Lastly, revisit the section for the Self-employment tax deferral entry:
- Return to the Deductions & Credits section.
- Scroll to Tax relief related to COVID-19 and Show More.
- Select Self-employment tax deferral and select Revisit.
- Answer Yes at the next screen to get back to Let's start by getting your eligible income.
- If you do not want to defer any self-employment income, "Enter your eligible self-employment income" should be blank.
- Select Continue.
- At Tell us how much you'd like to defer, "Enter amount" should be blank.
- Select Continue.
- If you do not want to defer any self-employment income, "Enter your eligible self-employment income" should be blank.
- Scroll down and select Wrap up Tax Breaks and Continue.
- Run through the Federal Review again.
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ā€ˇFebruary 11, 2021
11:39 AM