If I am self-employed as a nanny, should I defer my SS tax payment? If so, how do I calculate how much I want to defer?

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. 

• Across the top of the screen, click on Personal.
• Across the top of the screen, click on Deductions  & credits.
• At the screen How do you want to enter your deductions and credits? click on I'll choose what I work on.
• Under Your 2020 Deductions & Credits, scroll down to Tax relief related to COVID-19.
• Click on Start / Update to the right of Self-employment tax deferral.
• At the screen Do you want more time to pay your self-employment tax?, click Yes.
• At the screen Let's start by getting your eligible income, I have left the dollar amount that was previously entered, others change this amount to $0.
• Click on Continue.
• At the screen Tell us how much you'd like to defer, change the dollar amount to $0.
• Click Continue.
• Scroll down and click Done with Deductions.
• Click through Federal Review to make sure than the Review issue has been removed.
• At the screen Some of your self-employment taxes may be eligible, click Skip.