Get your taxes done using TurboTax

The income from your 2020 side job will go on your 2020 return next year when you prepare it in 2021.  You will pay some self-employment tax as well as ordinary income tax.  If it is not a lot of money you may not need to pay any estimated tax---if you expect to owe at least $1000 at tax time then you should pay some estimated tax during the year to avoid an underpayment penalty at tax time.

 

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

 

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

 

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

 

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

 

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

 

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

 

 

Next year when you prepare your 2020 return if you use desktop software, all the forms and schedules are in desktop software so that you can prepare the schedule C you will need.  If you use online TurboTax you will need Self-Employed.

 

 If you have already reached the 2020 limit for Social Security withheld  with your W-2 job, then when you do your tax return you may only owe SE tax for Medicare.

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**