MaryK4
Expert Alumni

Retirement tax questions

This will be in the Deductions & Credits, Tax Relief related to COVID-19-->Self-employment tax deferral (see below)

 

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.

 

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