I'm 62. For TY 2023, i filed in April based on the income i received from a pension and some IRA withdrawals.
This year, i will also be doing the same but in addition I began doing Doordash (1099) part time. I use the Solo app to track my mileage related to Doordash. That app shows income and expenses (using the standard mileage deduction). Income from this is 2700 so far. Basically the income after deducting my mileage is only $43.00. It shows I will owe about $11.23 in taxes.
Should I even worry about doing quarterly taxes? I doubt the income to expense will change much for the remainder of the year.
Is it ok to just report the 1099 income and expenses in April when I normally file my taxes?
The short answer is yes and no. Typically food delivery drivers and similar will have a great deduction if they actually track their mileage. However, is all about the profit at the end of the year combined with your other income, what will be making the difference if you pay estimated tax payments or not. What the IRS look at is the total tax liability (line 24 of the 1040 or 1040-SR). If it is more than a $1,000 and you didn't have enough withholding from your pension to cover for it, then you either must make estimated tax payments, or adjust the withholding from your other sources of income like your pension, to make up for the difference.