Common questions on Schedule SE Self-Employment tax in Lacerte

How do I elect to defer self employment tax for tax year 2020?

New Part III has been added to Schedule SE to allow self-employed persons to figure a maximum amount of self-employment tax payments which may be deferred. All maximum deferral amounts will be carried to Schedule 3 (Form 1040), and the total amount that you may elect to defer may be further reduced.

To make the deferral election in Lacerte:

1. Open the tax return.
2. Open Screen 45.1 Self-Employment Tax (Schedule SE).
3. Check the box for Elect to defer maximum allowed amount of Schedule SE or H taxes to 12/31/21 or 12/31/22.
4. The Schedule SE Part III will still calculate and the deferral amount will transfer to the Schedule 3 line 12e.

Related topics:

• IRS Self-Employed Individuals Tax Center
• IRS Publications and Forms for the Self-Employed
• SEP, SIMPLE, Qualified Plans