3rd Quarter - Self Employment Filing

[sjordan001]

I have made $1400 in self employment income in 3rd quarter 2024.  I do not expect to earn more.  Do I need to file a self employment taxes for 3rd quarter 2024?

[marctu]

So I am assuming that earnings equates to net Self-Employment ("SE")  income for the third quarter that ends on August 31, 2024.   Net income is earnings less expenses. 

If it is net SE income you should make a quarterly payment to the IRS as you will have, at a minimum, tax liability for SE tax.  SE tax is 15.3% of 92.35% of SE income.  So the SE tax on this is approximately $200.   

You may also have income tax liability, but that would depend on all your income for the year to date and for the fourth quarter that begins on September 1, 2024.

You can go to IRS Direct Pay to make a payment on or before September 16, 2024.  You can also schedule the payment today to come out of your account on September 16, 2024.

Thank you so much for your question @sjordan001 

Be well and safe!

Marc T.

Turbo Tax Expert

27 Years of Experience Helping Clients