JeffreyR77
Expert Alumni

Retirement tax questions

The requirements of the CARES Act make it a bit confusing in order to get the information from you so TurboTax can present you the best information for you to make a decision. 

 

The program is asking for the income you earned from March 27th until the end of the year in your self-employment activity. 

 

It is from this income you have the option to decide if you want to defer or postpone paying some of the self-employment tax your would normally have to pay this year on that income. 

 

If you choose to defer some of the tax you would have until December 31st to pay half of the amount you defer and until December 31st of 2022 to pay the rest.

 

Deferral of Self-Employment Taxes