Hello BriantheLion,
Contract employees paid with a 1099-NEC are required to make estimated tax payments. These payments are normally made quarterly. Since your start date as an independent contractor isn't stated, I am assuming you have been an independent contractor all year.
You will need to calculate what your estimated tax will be for 2024. This will 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.
If you did have a w-2 job or are filing a joint return with a spouse who has a w-2 job, you will need to calculate what your estimated tax will be for 2024 and the subtract what has been submitted so far as withholding. 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
When to pay estimated tax
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