I filed early and got our tax refund back pretty quick. It was about a week later that I noticed that the amount deposited was short from what both Turbo Tax and the IRS website said. When I looked back through our forms I found the missing $854 on line 12E of Schedule 3. I am totally confused as to what happened. I don't understand what I am deferring and if I need to correct it. Was I supposed to pay the $854? Why did the refund amount say one number but a totally different amount get deposited? How can I fix this? Thanks!
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Let me clear that up for you! The laws allowed you to defer part of your self-employment tax, $854, until next year to help you have more money in your pocket this year. Laws changed, things got shaken up and if you were getting a refund, you no longer need to defer the SE tax since you were not having to pay. It was decided for you to go ahead and pay this year rather than waiting to pay next year.
You filed under one set of rules and got your refund under another set. On the bright side, you don't owe the money next year. You will need to be careful the program does not think you owe it when you file next year.
Thank you, thank you! I have talked to so many people and no one could explain it to me. I was worried I fille something out completely wrong.
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