TomK2023
Expert Alumni

Get your taxes done using TurboTax

Yes.  Per the IRS:

 

Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.

 

Based on your initial scenario, you would probably not need to pay estimated taxes.  However, if you underestimate your Tik Tok income you may face a penalty for underpayment.  It would be more conservative to believe that you may indeed owe estimated taxes.  

 

You will use Form 1040-ES to calculate your estimated taxes which you can pay by mail, online, by phone or via a mobile app.

 

For more information, please see the IRS website: Estimated Taxes

 

 

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