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1099 Independent Contractor
Hi! I just started as Independent Contractor June 1st. Can I use TurboTax to file quarterly taxes? I am married & wondering how I file taxes for my husband plus I will still have W2 for part of the year. Are these taxes filed separately as normal? Thanks!
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1099 Independent Contractor
You do not "file" quarterly tax returns. You file one yearly tax return on a Form 1040 next year after tax year 2024 is over. You *might* want to make estimated quarterly payments to the IRS, but you will not do that through TurboTax. You can do that directly with the IRS.
You will still be able to file a joint return with your spouse and include your self-employment income with any other income the two of you received---all on the same Form 1040.
If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare, you will need to use online Premium software or any version of the CD/download so that you can prepare a Schedule C for your business expenses.
https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-
calculator-2021-2022-50907/
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
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1099 Independent Contractor
Thank you so much for the information. So to clarify, when I pay estimated quarterly payments to the IRS I am basically just banking an estimate of what I owe but not technically "filing my taxes." I will still file my taxes at the end of the year with expenses, etc along with my husband. Does that sound right?
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1099 Independent Contractor
That is correct---paying estimated quarterly taxes is not the same as filing a tax return. When you file your tax return next year, it will be on a Form 1040. You will prepare a Schedule C to enter your business expenses like mileage, etc. etc. Post back to the user forum if you need help when 2024 software becomes available and you are actually working on the tax return. You will not actually file a 2024 tax return until 2025.
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1099 Independent Contractor
That makes a lot more sense! Thank you so much for your help! Be Blessed! 🙂
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1099 Independent Contractor
Right. The estimated payments are to cover the income tax and self employment tax on your 1099 income since you don't have withholding taken out like from W2 income. It's all combined on your personal tax return you file in April.
For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.
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1099 Independent Contractor
Thank you so much for your response & the additional information. 🙂
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