I received an email saying I deferred my taxes and that the other half was due by the 31st. How do I pay them?

[VolvoGirl · Accepted solution]

The CARES act was new for 2020. It has to do with paying the self employment tax if you had a Net Profit on Schedule C.

You need to pay it.  The self employment tax deferral was 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 31.

IRS Reminder to pay

IRS reminder: For many employers and self-employed people, deferred Social Security tax payment due ...

[ekmturbo1]

Hi, I think I found what you are talking about. There is an amount in those lines. I understand it needs to be paid. But I don’t  understand how…. I paid the federal taxes it said I owed already when I filed my return at the beginning of the year. So how do I pay these “deferred taxes” is that on TurboTax or do I have to call the IRS? 

[VolvoGirl]

The IRS link I posted above says how to pay.

[ekmturbo1]

Oh okay thank you so much! 

[fanfare]

@ekmturbo1 

the first half is due now, and the second half in twelve months.

you can pay it all now and be done with it.

[fanfare]

TurboTax submitted many tax returns with the optional deferral, according to many posters here, unbeknownst to them.  Now they are surprised. I guess you are one of those.