IRS Form: Draft Instructions for Self-Employment Tax Returns for Residents of U.S. Territories (IRC §6017)

Draft instructions for Form 1040-SS,U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico), released November 16 to reflect the deferral of self-employment income under the CARES Act. New Part VII and Schedule H (Form 1040) have been added and modified, respectively, to allow self-employed persons to figure a maximum amount of self-employment tax payments which may be deferred, the IRS noted. For 2020, the maximum amount of self-employment income subject to Social Security is $137,700, the IRS stated. Also for 2020, the maximum income for using the optional methods to ...