Retirement tax questions

To review deleting in TurboTax CD/Download:

• Go to Forms Mode to delete forms. You will need to delete Sch SE-T and/or Sch SE-S.
• To do this, find the Sch SE-T on the Forms in My Return list or do a search by double clicking on Open Form and entering Sch SE-T.
• The Delete Form will be in the lower left area of the window displaying the form.

From here, return to the Step-by-Step and run through both businesses to click Done and add a new Sch SE.

Run the review again.

If the error persists, then temporarily trigger a balance due by adding income long enough to decline the SE tax deferral option, then remove the extra income.

To do this in TurboTax, follow these steps:

Enter a temporary amount as income in the self-employment section that will result in you not having a refund.

1. From Step-by-Step, BUSINESS tab,  select Continue and I'll chose what I work on.
2. At Business Income and Expenses, select Update.
3. Continue through any questions until you are at Your Business.
4. Scroll to Business Income and select Update. 
5. At Business Income, select Start by Other Income and Continue.
6. At Other Income, under Description, enter Temp income to remove deferral and enter a large amount, such as $100,000 and Continue.

Decline to defer any self-employment tax.

1. Select the PERSONAL tab.
2. Click the second tab from the left, Deductions & Credits and I'll choose what I work on.
3. Scroll down to Tax Relief related to Covid-19 and select Self-employment tax deferral and Update.
4. Answer Yes at the next screen to get back to Let's start by getting your eligible income
   1. Enter any amount, such as 280/366ths of your income to reflect the income from March 27-December 31, 2021. 
      • This amount should be calculated and entered without the false added income, and will post to Line 18 of Sch SE
   1. Select Continue.
   1. At Tell us how much you'd like to defer, 
      • Enter 0.

Remove the temporary income.

1. Select the BUSINESS tab, Continue, and I'll choose what I work on.
2. At Business Income and Expenses, select Update.
3. At Here's the business info we have so far, select Delete next to the false added income.
4. Confirm the deletion by selecting Yes.
5. Now returned to Here's the business info we have so far, select Done.

Run the review again.

@SPC49418