I received a message within Turbo Tax that self-employed can request an extension to pay until the end of the year due to the pandemic. Is this correct? How do I file it?

[melchlo30]

I want to file my taxes but delay a portion of the amount due because of self-employment tax.

[JohnW152]

Yes, it’s correct. 

This is part of new legislation that allows self-employed taxpayers to pay only 50% of Social Security tax on net earnings from self-employment for the period March 27, 2020 through December 31, 2020 this year, and the other 50% next year. 

To make the election to defer your self-employment taxes, do the following in TurboTax Online:

1. Open your return
2. If you open to the "Hi, let's keep working on your taxes!" screen, click Pick up where you left off.
3. Click Federal in the left pane
4. Click Deductions and Credits in the banner at the top
5. On the Your Tax Breaks page, scroll down until you come to Tax relief related to Covid-19
6. Click the dropdown, then Start or Revisit next to Self-employment tax deferral
7. When you're asked Do you want more time to pay your self-employment taxes?, answer Yes
8. Continue the interview.