qbteachmt
Level 15
05-10-2021
02:22 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"had an anticipated refund $XX, and deferred amount on schedule 3, Part II line 12e, the client received a refund less the deferred amount."
Did you use the Link and read what the IRS tells you there?
To summarize it: the deferral is not a Refundable Credit. When/If they already paid In, they don't get that part Back.
"A taxpayer who has deferred his or her payment of the employer's share of Social Security tax or 50% of the Social Security tax on net earnings from self-employment under section 2302 of the CARES Act is not eligible for a refund due to the deferral because the deferral amount is a deferral of payment, not a deferral of liability. Therefore, the deferral itself does not result in an overpayment of taxes reported on Form 1040."
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers