Instructions for Schedule SE (Form 1040) released January 8 with changes made to reflect Covid-19 pandemic legislation. New Part III has been added 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, the instructions state. Refundable credits are available to certain self-employed persons impacted by the coronavirus, the instructions note. Schedule SE is now a single form format, and each person with net earnings from self-employment ...
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