In February 2022, I switched from being paid by W-2 withholdings to being paid by 1099s as a self-employed contractor. My spouse continues to receive W-2 income and withholdings.
My 1099 income is unpredictable this year:
- Q1 & Q2 - $0
- Q3 - net $15,000
- Q5 - est. net $35,000
My and my spouse's combined est. federal taxes owed above withholdings for 2022 is $724. But it's possible I'll earn more in Q4. What should I do to cover myself?
(1) Submit a Q4 estimated tax payment of $1,000
(2) Submit a Q3 (late by a week) estimated tax payment of $500 AND a Q4 estimated tax payment of $500.
(3) Nothing until I know I will owe more than $1,000 in taxes then submit a Q4 estimated tax payment before Jan. 15.
(4) Other: Please specify
THANK YOU, TEAM!
p.s. I've hired an accountant but she doesn't kick in until end of September.
@1040se @selfemployment @estimatedtaxes
