Full time W2 with small 1099 income

[Sgreenwood12]

Hello. My husband and I file our taxes together for our W2 jobs in FL each year. Both of our jobs file income taxes quarterly and we have our withholding set to a higher amount than is required. We also receive 1099 income, but the additional withholding for our W2 jobs more than covers the taxes we would owe from our 1099 side business. Should we still be sending separate quarterly filings ourselves for the 1099 income? Or does the additional withholding from our W2 jobs have that covered? 

[marctu · Accepted solution]

I want to commend you on going ahead and doing the math to see what your current tax position.  Pre-planning is super important when you are earning money when self-employed.  If your self-employed net income is not significant, I often advise clients to adjust their Form W-4, which  you both have done, which again is great planning.   So, if your calculations are showing that you are well withheld go with that.  You do not want to significantly overpay by paying more taxes at this point. 

Thank you for your question @Sgreenwood12  and kudos on a job well done in planning ahead.  

Be well and safe!

Marc T.

Turbo Tax Expert

27 Years of Experience Helping Clients