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Credit for SE Deferred Payment

I use TT desktop to complete and e-file my tax returns. I need to amend my 2020 tax return. When I originally filed, I took advantage of an offer to defer a portion of my SE taxes due. The full deferred amount was due by 12/31/2022. I received IRS Notice CP56V for a $xx payment due by 12/31/21 and a second notice for the balance of $yyy due by 12/31/22. Both payments were made on time. Now the problem ...

 

I am using TT 2020 to amend the original return. TT will not allow me to enter the second payment because the date is after 12/31/21 (error message). I should say that I was attempting to add both payments in the "estimated & other taxes area" where I log my quarterly 1040-ES payments. I cannot find anywhere else in the program to add the second payment without fudging on the date. Consequently, my actual tax payments made and therefore the refund due are both shorted by $yyy on the 1040-X. In fact the 1040-X subtracts the full deferred amount on line 15. Furthermore, line 16 remains zero. It should include the payment made with my extension and the deferred payments.

 

Does anyone know how to handle this?

 

Thanks in advance.

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1 Best answer

Accepted Solutions
AmyC
Expert Alumni

Credit for SE Deferred Payment

At this point, the taxes are paid so you should enter the full amount paid and not worry about the date listed. You can put it all together. (You can even delete the extended payment plan completely since they are all paid.)

 

You need to enter the extension payment made. For 2020, the extension payments may be under Other Tax Situations, Other Tax Forms, Estimated Taxes.

 

You should be in the desktop program for a 2020, you can right click where the information is missing and data source back to where the entry belongs.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
AmyC
Expert Alumni

Credit for SE Deferred Payment

At this point, the taxes are paid so you should enter the full amount paid and not worry about the date listed. You can put it all together. (You can even delete the extended payment plan completely since they are all paid.)

 

You need to enter the extension payment made. For 2020, the extension payments may be under Other Tax Situations, Other Tax Forms, Estimated Taxes.

 

You should be in the desktop program for a 2020, you can right click where the information is missing and data source back to where the entry belongs.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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