2814573
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

We only get 170 characters to post a question?

Do I include both qtly. self employment and income taxes in my estimated taxes paid?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

We only get 170 characters to post a question?

170 in the Main Title.

 

.......tons more in the box below...some folks go on-and-on-and-on and write a book.

_____________________________

kind-of depends on what you mean

 

The Quarterly Estimated taxes section is for just those $$ you took extra steps to pay separately, usually on a quarterly basis. Those quarterly payments would, ideally, cover both your expected SE taxes...and any regular income taxes that ALL your income is expected to yield at the end of the year  (minus any "withholding" done with W-2 pay, or 1099-R forms or any other tax forms where withholding was already done)

 

So the quarterly Estimated taxes you paid will be used on your final tax forms, for whatever final total tax liability is calculated...for both your SE tax, along with any regular income tax assessed.

___________________

or...clarify what you are asking..

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

We only get 170 characters to post a question?

Annnd..you do not include "withholding" in your Estimated Tax entries.  

Tax withholding that is done for other forms (W-2, 1099-R...anything else), is entered on those actual forms in the software.  Those withholding $$ will total up separately and automatically by the software, as a credit against the tax liability that is calculated for the year.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
BillM223
Expert Alumni

We only get 170 characters to post a question?

No, in a word, as SteamTrain says.

 

Quarterly Estimated taxes are paid with the 1040-ES. Unless you enter the 1040-ES into TurboTax separately, TurboTax would have no way of knowing what you had paid during the year. As SteamTrain notes, all other forms that report income and withholding (e.g., W-2, 1099s, and so on) include the taxes paid, so they don't need to be included with "estimated taxes paid".

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
dmertz
Level 15

We only get 170 characters to post a question?

Self-employment tax is part of your overall tax liability on Form 1040.  Estimated taxes are paid with Form 1040-ES (or, if paid online, are paid as if you had submitted Form 1040-ES) and no part of your estimated taxes paid applies specifically to self-employment tax, they apply to your overall tax liability.  There is no way to make a payment that is specifically allocated to self-employment tax (even though you might have determined the necessary payment by considering only self-employment tax, say, because your income is low enough to otherwise be nontaxable).

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question