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Level 1
posted Aug 28, 2024 12:26:24 PM

Additional Self-Employed Earnings for 2024 and Estimated Quarterly Payments

I am on track to earn about 25% more in 2024 than I did in 2023. TurboTax estimated quarterly payment for 2024 were based on 2023 tax filing, so I'm sure an additional amount will have to be paid on 2024 taxes. Should I start paying an increased amount in the third quarter plus the same increased amount in the fourth quarter or can I wait and pay the additional amount in the fourth quarter in January 2025 without any penalty? Can TurboTax help me calculate a rough estimate of the additional amount I should pay?

0 1 9930
1 Replies
Employee Tax Expert
Aug 28, 2024 12:48:58 PM

Congrats on more income!

If you're making more income than you previous forecast, you need to true up the forecast.  You can use TurboTax Calculator to assist in that process.  The IRS is a pay as you go system.  So, calculate the year to date amount that you'll owe and put in the additional to true it up.  

TurboTax has some great self employed calculators that can help with that.