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Get your taxes done using TurboTax
If the net self-employment income is less than $400 then there would not be any Self-Employment taxes to pay.
Since you received a large amount of self-employment income you should consider paying estimated taxes.
Go to this IRS website for the Form 1040-ES which will include worksheets to estimate the taxes owed - https://www.irs.gov/pub/irs-pdf/f1040es.pdf
IRS website for self-employment information - https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center
May 11, 2023
1:09 PM