1099-NEC Quarterly Payments

[amclea38]

I get two 1099-NEC forms per year for two contract jobs I have on the side. Should I be filing taxes quarterly for those?

[Jackstar221]

Hi,

If you received 1099-NEC's, you are considered self-employed. You must pay self-employment taxes, which includes social security and medicare tax, & income tax.  To reduce underpayment penalties, the IRS requires self-employed individuals to make estimated tax payments quarterly.

Here is a link regarding requirements for estimated tax.  IRS Estimated Taxes

Within that link, you can use the IRS withholding estimator to help determine how much you may owe at year-end. IRS Tax Withholding Estimator 

You can register to pay estimated taxes online through the EFTPS website at EFTPS 

You also also mail in a payment, or use your online IRS account to make estimates. IRS Form 1040-V

The IRS expects you to pay taxes as you earn income, instead of paying at year-end.

[Jackstar221]

Hi,

If you received 1099-NEC's, you are considered self-employed. You must pay self-employment taxes, which includes social security and medicare tax, & income tax. To reduce underpayment penalties, the IRS requires self-employed individuals to make estimated tax payments quarterly.

Here is a link regarding requirements for estimated tax. IRS Estimated Taxes 

Within that link, you can use the IRS withholding estimator to help determine how much you may owe at year-end. Tax Withholding Estimator

You can register to pay estimated taxes online through the EFTPS website at EFTPS 

You also also mail in a payment, or use your online IRS account to make estimates IRS Form 1040-V 

The IRS expects you to pay taxes as you earn income, instead of paying at year-end.