You'll need to sign in or create an account to connect with an expert.
Hello geecie87,
You are correct, you will need to make estimated tax payments to cover your independent contractor work. You will need to calculate what your estimated tax will be for 2024 and the subtract what has been submitted so far as withholding from your w-2 job. The balance left after subtracting withholding would be the amount you want to submit as estimated tax payments. You would then submit your 3rd and 4th quarter estimated payments to cover this amount. You can submit your estimated payments online at the IRS website or you can print the estimated voucher and mail it to the IRS with a check or money order.
TurboTax's Tax Caster tax calculator is a good tool to help you estimate your 2024 tax bill or if you may get a refund.
Here are some helpful links with additional information on how and when to make estimated payments.
Estimated Taxes: How to Determine What to Pay and When
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
rtfurr
New Member
megmogt
New Member
givey400
New Member
eagles1985-ws
New Member
JeffLyons75
New Member