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Sorry the only way to use Turbo Tax to prepare the 2024 estimates is to use your 2023 tax return. The 2024 program won't come out until mid November and then it will prepare the 2025 estimates. So you will either have to fill in all your 2023 info into Turbo Tax or do them by hand. Just send in about 20% of your estimated Net Profit to cover the self employment tax.
Filing quarterly means to send in estimated payments to cover the self employment tax since you don't have withholding taken out like if you were an employee on a W2. There isn't a tax return to file. You still file all your self employment on your personal 1040 tax return.
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.
For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.
You must make quarterly estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
How to make the Estimated payments
https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875
Here are the blank Estimates and instructions…..
https://www.irs.gov/pub/irs-pdf/f1040es.pdf
Or you can pay on the IRS website. Be sure to pick 2024 1040ES payment
https://www.irs.gov/payments
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