I am assuming that you are new to self-employment. You will compute your estimated earnings for 2021 outside of TurboTax. Intuit offers QuickBooks which makes your record keeping much easier.
Form 1040-ES instructions and worksheet are what is needed to get started. Although you can do this manually and at no cost to you, I strongly suggest you look at automating this with a QuickBooks online account.
You do not "file" a self-employment tax return mid-year. But you can pay estimated quarterly tax directly to the IRS if you expect to owe at tax time and and are worried about an underpayment penalty. Your actual tax return is filed during the tax season, as usual.
Are you new to working as an independent contractor?
You send in quarterly estimated payments to cover the income tax and self employment tax (FICA). The Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.
How to make the Estimated payments
Here are the blank Estimates and instructions…..
Or you can pay on the IRS website. Be sure to pick 2021 1040ES payment
If you want to use Turbo Tax to help prepare Estimates. To prepare estimates for next year you need to be in your current return. If you can't get your return open, Try this, you can sign back onto your account, click on Add a State. This should get you back into your return. Be very careful not to change anything in your actual return.
You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.
OR go to
Federal Taxes or Personal (Home&Business version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button
Say No to W4. When you get to the W4 and Estimated Taxes section, say you want to adjust your income to go though all the screens.