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Self employed / independent contractor

Jerry C
Level 3

Isn't there a tax law this year due to the pandemic where 1099 NEC Income ( Tax ), is less than normal due to the pandemic, can be completely deferred to 2021 (Once again both Income and Tax)?

If so, Where does that happen. 

And I'm not speaking about qualified money withdraw due to hardship (8915E)

 

 

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Just-Lisa-Now-
Level 15
Level 15

You can defer the SE tax for a portion of the year as long as the return doesnt show a refund...since you cant defer if its already been paid.  The income cannot be deferred.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Camp1040
Level 8

You must have heard that at a barber shop!

IRonMaN
Level 15

@Camp1040  It must be a really exclusive barbershop to come up with that interesting twist 🙉

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
Just-Lisa-Now-
Level 15
Level 15

You can defer the SE tax for a portion of the year as long as the return doesnt show a refund...since you cant defer if its already been paid.  The income cannot be deferred.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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qbteachmt
Level 15

It's all built into your program. Just work on this person's Schedule C and the SE and you will see the fields for the Options.

It's to provide parity to self-employed, to have the same provision as employers were given, to defer some of the SS to 2021 and 2022.

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