It depends on the amount of consulting income you received. If the amount of self-employed income is not significant and you ordinarily receive a refund, then you are probably not going to owe an underpayment penalty. Your employment withholding should help to offset your final tax liability. Generally, if you owe less than $1,000, you do not have to pay quarterly estimated tax payments and you will not owe an estimated tax penalty. Please view this TurboTax FAQ for more information about making quarterly estimated payments.
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