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josh49
New Member

Deferred taxes as self-employed?

TurboTax provided me with some option to defer part of my taxes owed until around December but is providing me with no clear way to access this information again after paying to have my taxes filed. Where do I go to find this information again?

 

I don't even remember what it was specifically referred to as and there's absolutely no help anywhere to find this information. I just want to know what taxes I owe, that's what I pay this service for. Help?

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3 Replies

Deferred taxes as self-employed?

Can you provide more details (be more specific)? Which type of taxes and which product are you using?

Deferred taxes as self-employed?

The self employment tax deferral is 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 13.

 

I'm looking for my posts where I give more info and how to pay it.  

Deferred taxes as self-employed?

See 1040 instuctions page 104 for schedule 3 line 12e SE tax deferral
https://www.irs.gov/pub/irs-pdf/i1040gi.pdf



Individuals can pay the deferred amount any time on or before the due date. They:

  • Can make payments through the Electronic Federal Tax Payment System or by credit or debit card, money order or with a check. https://www.irs.gov/payments
  • Should be separate payments from other tax payments to ensure they are applied to the deferred tax balance on the tax year 2020 Form 1040 since IRS systems won't recognize the payment for deferred tax if it is with other tax payments or paid with the current Form 1040.
  • Should designate the payment as "deferred Social Security tax."

Individuals making deferred Social Security tax payments in EFTPS should select 1040 US Individual Income Tax Returns and deferred Social Security tax for the type of payment. They must apply the payment to the 2020 tax year where they deferred the payment.

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