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The CARES Act provided the option for self-employed people to defer up to 50% of their social security tax payment applicable for the period . It is optional. If you choose to do so, 50% of the amount you defer must be repaid by December 31, 2021 and the remainder by December 31, 2022.
According to the CARES Act, you can use may use any reasonable method to allocate 50 percent of the Social Security portion of self-employment tax attributable to net earnings from self-employment earned during March 27, 2020, through December 31, 2020. "For example, an individual may allocate 22.5% of the individual's annual earnings from self-employment to the period from January 1, 2020, through March 26, 2020, and 77.5% of the individual's annual earnings to the period from March 27, 2020, through December 31, 2020"
Coronavirus Tax Relief for Self-Employed
I am using Turbotax Home & Business and cannot find a way to change my self-employment social security tax calculation to defer this tax.
Thanks.
In Home & Business, are you able to go to Forms and override the dollar amount? If not, try these steps in the Step-by-Step.
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