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Deferral of SE taxes
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wethepeople
Level 3
03-09-2021
03:50 PM
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I am preparing a joint return and the taxpayer (husband) is self-employed and owes self-employment along with income taxes for 2020.
The basic program computes a deferral amount on Line 31 of Form 1040. It then indicates that half of this amount is due by 12/31/21 and the other half is due by 12/31/22.
Is this correct? If so will the taxpayer get a notice from the IRS at the time these payments become due?
If not, how should he complete the paying of the deferred taxes?
Thank you.
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1 Comment 1
qbteachmt
Level 15
03-09-2021
04:03 PM
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They select if they want to defer or not. It's optional and not required. That's part of the SE.
The IRS states they will notify "employers" for payment of deferrals. We will have to wait and see if they remember to "bill" self-employed.
Otherwise, yes, you stated everything correctly.
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