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anton
Level 2

Calculating and paying quarterly estimated self-employment taxes with Turbo Tax

We are a husband and wife partnership. We have self employment income from the partnership and the husband also receives an income from a regular job(W2). Can we use Turbo Tax to calculate and pay the quarterly estimated self employment taxes? Also, can we pay these estimated taxes jointly?

If Turbo Tax can handle this, which version of Turbo Tax should we purchase? Premier or Home & Business? Can we find instructions somewhere about how we can use Turbo Tax to calculate and pay the self employment taxes for this type of scenario?

1 Best answer

Accepted Solutions
AmyC
Employee Tax Expert

Calculating and paying quarterly estimated self-employment taxes with Turbo Tax

Husband and wife partnership.

  • If you live in a community property state, AZ, CA,ID, LA, NV, NM, TX, WA, WI then you can file  2 schedule C forms on your personal tax return. If you have expenses, you will need to go with Home & Business or Self- Employed. One is desktop and one is online. Here is a link to compare and purchase either.
  • If you do not live in a community property state, you must file a partnership return, Form 1065. You will need to use business software. The business return is due March 15 and will generate K1 forms to use on your personal return. 

The W2 will go on your personal return along with the K1s for each of you.

You can use TurboTax to calculate estimated payments, not to pay. I recommend you first visit the IRS Small Business and Self-Employed Tax Center 

 

You can make estimated payments under either of you, so long as you are filing a joint return - credit is shared.

 

Related:

 

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1 Reply
AmyC
Employee Tax Expert

Calculating and paying quarterly estimated self-employment taxes with Turbo Tax

Husband and wife partnership.

  • If you live in a community property state, AZ, CA,ID, LA, NV, NM, TX, WA, WI then you can file  2 schedule C forms on your personal tax return. If you have expenses, you will need to go with Home & Business or Self- Employed. One is desktop and one is online. Here is a link to compare and purchase either.
  • If you do not live in a community property state, you must file a partnership return, Form 1065. You will need to use business software. The business return is due March 15 and will generate K1 forms to use on your personal return. 

The W2 will go on your personal return along with the K1s for each of you.

You can use TurboTax to calculate estimated payments, not to pay. I recommend you first visit the IRS Small Business and Self-Employed Tax Center 

 

You can make estimated payments under either of you, so long as you are filing a joint return - credit is shared.

 

Related:

 

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

View solution in original post

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