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Anonymous
Not applicable

What is the "Maximum Deferral of Self-Employment Tax Payments" am I being asked to enter for line 18?

Not sure what to enter here
11 Replies
AnnetteB6
Expert Alumni

What is the "Maximum Deferral of Self-Employment Tax Payments" am I being asked to enter for line 18?

This question is associated with the option to defer paying some of your self-employment tax due to Covid.  

 

If you do not want to defer any of the self-employment tax, then enter '0' for line 18.  

 

If you do wish to defer paying the self-employment tax, then line 18 is asking for the portion of your Schedule C and/or Schedule F profit that is attributed to March 27, 2020 through December 31, 2020.  

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Anonymous
Not applicable

What is the "Maximum Deferral of Self-Employment Tax Payments" am I being asked to enter for line 18?

I already paid the taxes in 2020 on the amount I made for self employment ($2000). I am not sure what "defer" means in this case.

Anonymous
Not applicable

What is the "Maximum Deferral of Self-Employment Tax Payments" am I being asked to enter for line 18?

Hello, I have already paid my federal and state taxes for the amount I received for self-employment. So should I go back and write 0? 

npierson7
Level 1

What is the "Maximum Deferral of Self-Employment Tax Payments" am I being asked to enter for line 18?

Yes, if you already paid your taxes, it doesn't make sense to use the option. You can put 0 in the line.   

Anonymous
Not applicable

What is the "Maximum Deferral of Self-Employment Tax Payments" am I being asked to enter for line 18?

Hi Pierson, thank you!

 

I cannot find that form again in turbo tax to enter 0 (zero); I ended up entering $2000 which is the amount I made for self-employment. Do you know where it is? 

 

IRS has my payments, so, if they check, I guess they will find the payments no matter what so I guess it's ok if I have not entered 0 (zero)? 

MaryM428
Level 10

What is the "Maximum Deferral of Self-Employment Tax Payments" am I being asked to enter for line 18?

IRS Deferral of Self Employment Taxes

Look at Section 21:   Self-employed individuals may defer the payment of 50 percent of the Social Security tax imposed under section 1401(a) of the Internal Revenue Code on net earnings from self-employment income for the period beginning on March 27, 2020 and ending December 31, 2020.

Helper4u
Returning Member

What is the "Maximum Deferral of Self-Employment Tax Payments" am I being asked to enter for line 18?

What if you are self-employed and did not work from March 20- December 20th? I received unemployment.  Do I do half of the 12.7% social security tax off of what I received in unemployment benefits?

JustMe8
New Member

What is the "Maximum Deferral of Self-Employment Tax Payments" am I being asked to enter for line 18?

Unfortunately, it seems that TurboTax does not let you go back and edit or review the field once you've entered it and hit next. I hit next and my amount owed dramatically reduced. Alarmed, I went back to edit the field and could not find a way to.

 

Every year there's something like this with TurboTax. I wish they had a section where you could go back and review these "reviews". Maybe there is and I just don't know.

ThomasM125
Expert Alumni

What is the "Maximum Deferral of Self-Employment Tax Payments" am I being asked to enter for line 18?

@Helper4u You can't defer anything associated with your unemployment benefits, as they are not subject to self-employment tax.

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urbandisciplep
New Member

What is the "Maximum Deferral of Self-Employment Tax Payments" am I being asked to enter for line 18?

EH16
Returning Member

What is the "Maximum Deferral of Self-Employment Tax Payments" am I being asked to enter for line 18?

Hello,

***Edited and removing my issue since the following thread answered it.***

 

Basically, entering nothing on Line 18 worked for me. I was reporting a business loss and it wouldn't let me enter 0 (zero) as it said this was too large and it wouldn't let me enter a negative number.

 

https://ttlc.intuit.com/community/retirement/discussion/in-my-sch-se-t-i-have-line-18-set-to-0-and-i...

 

I was using TurboTax Online Self-Employed.

 

Thank you

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