new self employed status

[Patty T]

Good afternoon,

    Last year (2023) I stopped working as a W2 employed physician in June. I  didn't earn any additional income for that year. This year I have been doing some chart reviews on the side as a 1099 contractor. I have not made much. Maybe $3000 since march of this year. 

I am signing up for an additional position as a 1099 contractor and will hopefully make more consistent pay and want to know how to setup for quarterly taxes and also to find out about retirement plans. 

Thank you.

[TeriH]

Great question!

From what you said, all of your income will be from self employment.  TurboTax has a Tax Calculator that can help you esimate your tax obligation based on your income and situation.  At present it's for 2023, but will be updated in the near term for 2024.  When you enter your income, you'll want to deduct valid expenses.  This TurboTax article gives great detail and suggestions for things you may have overlooked.  Another resource is our Self-employed expenses monitor.  It helps you track those expenses year round.

If you do owe taxes (as determined from the calculator), reference this TurboTax article on how to pay them.