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joeymm777
New Member

Does Turbotax automatically deduct a deferred payment that was set up for the 2020 tax year?

When filing for the 2020 year I selected an option to have a payment deferred. I do not remember if turbotax said if it would deduct this payment automatically or not.
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2 Replies

Does Turbotax automatically deduct a deferred payment that was set up for the 2020 tax year?

"Payment Deferred" ???   Are you talking about the option to pay some of the SE taxes later ?  

 

They are NOT paid using the income tax return ... the repayments must be made separately and the TT program has nothing to do with it other than giving you the repayment info in the PDF of the return if you save one with the worksheets (they will be available starting later this week) ... 

 

https://www.irs.gov/newsroom/how-self-employed-individuals-and-household-employers-repay-deferred-so...

Does Turbotax automatically deduct a deferred payment that was set up for the 2020 tax year?

I'm assuming this was the self-employment tax deferral.  Turbotax will not make the payment. You should have received a notice from the IRS on how to make payment, due by 12/31/2021, of 50% of the deferral.

https://www.irs.gov/newsroom/what-employers-need-to-know-about-repayment-of-deferred-payroll-taxes#:... 

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