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Level 1
posted Dec 6, 2021 8:33:04 PM

Letter from IRS says in 2020, our return done by Turbotax deferred payment on Social Security tax under Cares Act for my business. Where is that documented on my return?

I looked at my return (done by TurboTax) and believe I payed all Social Security tax that I owed.    Don't see any mention of deferment.

0 3 401
3 Replies
Level 15
Dec 6, 2021 10:47:06 PM

The deferred tax appears as a refundable credit on Schedule 3 line 12e, "Deferral for certain Schedule H or SE filers." It was subtracted from the tax you had to pay with your tax return. You have to pay half the deferred tax by December 31, 2021 (the end of this month), and the remainder by December 31, 2022.

 

Level 1
Dec 7, 2021 5:55:00 AM

Thank you for your precise answer!

Level 15
Dec 7, 2021 6:52:17 AM

@Suzham 

You had to select/agree to this option.

It's hard to understand how you can select it and not know you are selecting it.