- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Taxes are calculated off of the full year's income. When you are self employed, you are expected to make quarterly payments matching your income for the quarter. The fact that it's uneven throughout the year is irrelevant, except if , for example , all of the income was earned in December. The IRS is a pay as you go system. W2 jobs remit each paycheck. So, if you get to the end and you had a large windfall in the last part of the year, you would want to use the annualized method to recalculate that penalty. That's form 2210 and TurboTax will prompt you to complete it.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎October 25, 2023
10:46 AM