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Do I have to submit estimated taxes if I already had extra withholding on my W-4?
Hi,
I have a regular job (W-4) and I am also working as an independent consultant.
In order to avoid penalties I selected "Extra Witholding" on my regular's job W-4 which I believe covers all the taxes owed on my independent consulting job.
Do I still have to file a Form 1040ES 1?
If yes, did the timeline for the first quarter was also pushed out due to Covid-19?
Thank you and best regards,
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Do I have to submit estimated taxes if I already had extra withholding on my W-4?
No, if you are having extra taxes withheld from your regular W-2 job to cover your self-employment tax obligation, you would not need to make estimated payments too.
To answer your other question though, the first quarter estimated payment due date was changed to July 15, 2020. The second quarter estimated payment due date has also been extended. Instead of being due by June 15, 2020, it is now due by July 15, 2020.
[edited 4/13/2020 | 8:10 am PST]
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Do I have to submit estimated taxes if I already had extra withholding on my W-4?
No, if you are having extra taxes withheld from your regular W-2 job to cover your self-employment tax obligation, you would not need to make estimated payments too.
To answer your other question though, the first quarter estimated payment due date was changed to July 15, 2020. The second quarter estimated payment due date has also been extended. Instead of being due by June 15, 2020, it is now due by July 15, 2020.
[edited 4/13/2020 | 8:10 am PST]
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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