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To get past this screen so you can file your taxes, you need to update Schedule SE-T.
The process: delete Sch SE-T, take a quick run through of the self-employment to recalculate Sch SE-T, and then turn off the Max Deferral.
To do this in TurboTax, follow these steps:
First, delete Sch SE-T that applies by following these steps:
Next, to replace Sch SE-T, return to the self-employment income & expenses interview in the Income & Expenses section and select Edit/Add.
Lastly, revisit the section for the Self-employment tax deferral entry:
Can you provide instructions for TurboTax Premier Desktop version?
I deleted Sch SE-T and followed instructions, but it did not clear the tax deferral worksheet information. Do I need to go back and delete everything related to self employment and re-enter? If so, can you provide a list of everything that needs to be deleted to clear the TurboTax worksheet section?
Thanks
Yes; to delete Sch SE-T in TurboTax Premier CD/Download, from Forms mode, follow these steps:
No, the next step after deleting this sheet would be:
Now return to the Deductions & Credits and run through the tax deferral screens as described from the other TurboTax Employee tax expert.
If the program is not updating, then try these steps:
1. Return to your BUSINESS tab and add a temporary amount of income, such as $100,000 or large enough to get to a tax balance due. Label it Temporary income to be removed.
2. Go to the PERSONAL tab and navigate to the Deductions & Credits section for Tax Relief related to Covid-19 and Revisit. Follow the steps as described earlier to decline the tax deferral.
3. Return to your BUSINESS tab and remove the Temporary income to be removed. amount of income.
4. Run the review again.
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