topic Where in the TT pipeline can I find the question regarding "portion of SE income earned between 3/27 and 12/31/2020?" in Retirement tax questions

Where in the TT pipeline can I find the question regarding "portion of SE income earned between 3/27 and 12/31/2020?"

john216 — Mon, 08 Mar 2021 19:00:52 GMT

Re: Where in the TT pipeline can I find the question regarding "portion of SE income earned betwe...

MaryK4 — Mon, 08 Mar 2021 19:25:19 GMT

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.

Re: Where in the TT pipeline can I find the question regarding "portion of SE income earned betwe...

john216 — Mon, 08 Mar 2021 20:17:38 GMT

Thanks Mary for the prompt answer. More accurately, since I need to revise the erroneous data I entered into TT earlier, I'm trying to locate the question in the questionnaire pipeline so I can correct my response. Any thoughts on how to revise my previous data entry?

Re: Where in the TT pipeline can I find the question regarding "portion of SE income earned betwe...

CatinaT1 — Tue, 09 Mar 2021 14:17:51 GMT

The SE-T is self-employment taxpayer form. Line 18 is for the amount of money earned between March 27, 2020 and December 31, 2020. The self-employment tax on that portion can be postponed for payment in the following year. You can postpone that portion of your taxes due with no penalties or interest.

The process: delete Sch SE-T, take a quick run through of the self-employment to recalculate Sch SE-T, and then turn off the Max Deferral.

To do this in TurboTax, follow these steps:

First, delete Sch SE-T that applies by following these steps:

From the left menu, select Tax Tools.
Select Tools.
Scroll to Delete a Form.
Scroll to Sch SE-T, select Delete, confirm the deletion.

Next, to replace Sch SE-T, return to the self-employment income & expenses interview in the Income & Expenses section and select Edit/Add.

Select Edit for your business.
Scroll down to Done so that the Sch SE is recalculated. 
Finish any other questions in the self-employment interview and click Continue.

Lastly, revisit the section for the Self-employment tax deferral entry:

Return to the Deductions & Credits section.
Scroll to Tax relief related to COVID-19 and Show More.
Select Self-employment tax deferral and select Revisit.
Answer Yes at the next screen to get back to Let's start by getting your eligible income.
1. If you do not want to defer any self-employment income, "Enter your eligible self-employment income" should be blank.
  1. Select Continue.
2. At Tell us how much you'd like to defer, "Enter amount" should be blank.
  1. Select Continue.
Scroll down and select Wrap up Tax Breaks and Continue.
Run through the Federal Review again.

Re: Where in the TT pipeline can I find the question regarding "portion of SE income earned betwe...

john216 — Tue, 09 Mar 2021 17:35:43 GMT

Hi Catina--

Thanks, absolutely worked. Deleting the SE-T form was the key, then going back to the income pipeline.

By the way, in the TT search box on the right, searching for the Schedule SE turns up Schedule E for the search result -- needs some attention.

John