In my final review, I got an error that my deferred tax on schedule SE was too high. But this was calculated automatically. Where can I review schedule SE in the site?

[sallymariewatts]

I randomly picked a lower number to see what the impact would be on my taxes, and suddenly I owed wayyyy more. But now I can't go back to edit this, or find it anywhere in the website to review it again.

I'm also confused how the website auto-calculated this and it was "too high" in the first place. I'm depending on the site to file my taxes and help me know what my maximum deferred tax should be, because I'm not a tax professional. Even if I can find the place to edit this on the site, shouldn't it be calculated correctly by TurboTax? It seems like an error that could result in a massive tax penalty.

Thanks for any help!

[CatinaT1]

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: 

1. From the left menu, select Tax Tools. 

2. Select Tools. 

3. Scroll to Delete a Form. 

4. Scroll to Sch SE-T, select Delete, confirm the deletion. 

Next, to replace Sch SE-T, return to the self-employment income & expenses interview in the Income & Expenses section and select Edit/Add. 

1. Select Edit for your business. 

2. Scroll down to Done so that the Sch SE is recalculated.  

3. Finish any other questions in the self-employment interview and click Continue.  

Lastly, revisit the section for the Self-employment tax deferral entry: 

1. Return to the Deductions & Credits section. 

2. Scroll to Tax relief related to COVID-19 and Show More. 

3. Select Self-employment tax deferral and select Revisit. 

4. Answer Yes at the next screen to get back to Let's start by getting your eligible income. 

   1. If you do not want to defer any self-employment income, "Enter your eligible self-employment income" should be blank. 

      1. Select Continue. 

   2. At Tell us how much you'd like to defer, "Enter amount" should be blank. 

      1. Select Continue. 

5. Scroll down and select Wrap up Tax Breaks and Continue. 

6. Run through the Federal Review again.