topic Re: Deferred Taxes in After you file

Deferred Taxes

Swhitaker — Wed, 15 Dec 2021 21:05:15 GMT

I received an email from turbotax telling me that it’s time to pay my deffered taxes and that I have until Dec 31 to do so. So I logged on to the IRS website and it shows that I owe nothing. Since the IRS says I don’t have a balance am I in the green?

Re: Deferred Taxes

VolvoGirl — Wed, 15 Dec 2021 21:09:22 GMT

Did you have self employment income and a Net Profit on Schedule C? You probably owe self employment tax.

The self employment tax deferral was an optional benefit. It is also a deferral rather than forgiveness, so those amounts will eventually need to be repaid. Half of the deferred amount is due on December 31, 2021, and the other half is due on December 31, 2022.

Check if you have a Schedule 3 line 12e which goes to 1040 line 31.

Re: Deferred Taxes

Swhitaker — Wed, 15 Dec 2021 21:34:20 GMT

I see that, I dont remember doing that, but where would I go about paying that if I don’t have a balance with the IRS?

Re: Deferred Taxes

VolvoGirl — Wed, 15 Dec 2021 21:36:27 GMT

How to repay the Deferred self employment tax

How self-employed individuals and household employers repay deferred Social Security tax | Internal Revenue Service

Re: Deferred Taxes

Critter-3 — Wed, 15 Dec 2021 22:09:57 GMT

You should have gotten a notice in the mail from the IRS about 2 weeks ago reminding you of this payment. It will not show up on the IRS site because you owe it to the SS administration not the IRS directly.

Re: Deferred Taxes

tool75067 — Wed, 15 Dec 2021 23:26:31 GMT

Got the same email and the irs portal shows 0.00, so im gonna wait till i get a letter from the irs that i owe.