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Retirement tax questions
This question is related to the option to defer paying some of your self-employment tax due to Covid. To see TurboTax discussion, click here: SE employment deferral
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.
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‎February 23, 2021
4:46 PM