When I did my taxes this year it let me deferred some of the amount owed to pay at a later date. How do I pay it off?

[JohnW152]

The IRS hasn't published a procedure for making the deferral payments yet.

However, it has stated that it will issue reminder notices to employers who deferred tax before each applicable due date, so it seems reasonable to assume that the same will be done for self-employed individuals before their due dates, as well.  By the time the notices are sent, a repayment procedure will have to have been established. 

According to Deferral of employment tax deposits and payments through December 31, 2020,

Self-employed individuals may defer the payment of 50 percent of the Social Security tax imposed under section 1401(a) of the Internal Revenue Code on net earnings from self-employment income for the period beginning on March 27, 2020 and ending December 31, 2020.

Fifty percent of the eligible deferred amount will need to be paid by December 31, 2021.  The remaining amount would need to be paid by December 31, 2022.

[yellowpu15]

I read somewhere if I deferred less than $2,200 my 12/31/2021 payment must be $1,100.  So if I deferred $1,997 my 12/31/2021 payment should be $1,100 and my 12/31/2022 payment should be $887.  Is this correct?

Ralph

[Critter-3]

The IRS is just now sending out reminder letters about this repayment and the specifics on how/when to pay them.  You can wait for your notice or go online ... they recently published instructions ... 

This link has the information needed for the Self Employed  - https://www.irs.gov/newsroom/how-self-employed-individuals-and-household-employers-repay-deferred-so...

How individuals can repay the deferred taxes

Individuals can pay the deferred amount any time on or before the due date. They:

• Can make payments through the Electronic Federal Tax Payment System or by credit or debit card, money order or with a check.
• Should be separate payments from other tax payments to ensure they are applied to the deferred tax balance on the tax year 2020 Form 1040 since IRS systems won't recognize the payment for deferred tax if it is with other tax payments or paid with the current Form 1040.
• Should designate the payment as "deferred Social Security tax."

Individuals making deferred Social Security tax payments in EFTPS should select 1040 US Individual Income Tax Returns and deferred Social Security tax for the type of payment. They must apply the payment to the 2020 tax year where they deferred the payment. Taxpayers can visit EFTPS.gov for details.