TomD8
Level 15

Get your taxes done using TurboTax

Yes, you can use TT to file a return that includes both W2's and 1099's.  Your independent contractor income and expenses will be reported on Schedule C of your tax return.  This is a common situation.  Be sure to keep a record of your independent contractor expenses, because you only pay taxes on your net income.

 

A general rule of thumb is that your estimated payments should be 20-25% of your estimated independent contractor income.

You can make your federal estimated tax payments online at https://www.irs.gov/payments

(Your estimated payments also go toward the self-employment (SE) tax which is assessed on independent contractors.  This tax is to cover Medicare & Social Security.)

 

If your state has an income tax, don't forget to make state estimated payments too.  Your state's tax website will have the details on this.

 

When you make your online payments. it's a good idea to print a paper receipt.

 

**Answers are correct to the best of my ability but do not constitute tax or legal advice.