Wife published a book

[jmeitzler]

Hello!

My wife published 2 books and is making some money off sales through Amazon, Ingram Spark, and TikTok.  We claim the money made as income on our end of year taxes once she gets her statements from each company.  She is now working a part time job.

Do we need to do self employement quarterly filings or can we continue to submit it as income at the end of the year?

Thank you!

[JandKit]

Hi Jmeitzler,

Congrats on your wife's success in writing books. You should make a good faith estimate on the amount that she expects to receive during the year. The IRS expects taxes to be paid in a timely fashion when earned. That being the case, you should consider making estimated taxes based on the income currently being received. 

Using the TaxCaster link ; 

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Make a good faith estimate of the total income earned during the year to include the additional income. Compare the Tax liabilty from 2022 to the taxcaster results. If the tax liability is 100% of 2023 or 90% of 2024, The estimated tax penalty can be waived. If your numbers exceed those above, The difference in taxes should be divided by 4 and made quarterly.

Good luck in your endavors for 2024!