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Common questions on Schedule SE Self-Employment tax in ProSeries

SOLVEDby Intuit24Updated almost 2 years ago

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 ProSeries:

  1. Open the tax return.
  2. Open the Schedule SE-T for taxpayer or Schedule SE-S for spouse.
  3. Scroll down to Part III.
  4. Enter on line 18 the amount that attributed to the 3/27/2020 through 12/31/2020 time frame. This is the amount that ProSeries will treat as eligible for the exclusion.
  5. The Schedule SE Part III will still calculate and the deferral amount will transfer to the Schedule 3 line 12e.

How do I show a Schedule C is exempt from SE Tax?

  1. Open the Schedule C.
  2. In the list of checkboxes above line A there are checkboxes for if the taxpayer has an approved Form 4029, or if the taxpayer has an approved Form 4361.
  3. Checking the box applicable will remove the Schedule C income from the Schedule SE.

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