@htchiu Yes you might need to pay quarterly ESTIMATED taxes. Those are just prepayments towards your actual annual joint tax return. Estimates are just like withholding your spouse has taken out of their paycheck. Estimates are to cover the self employment tax on your personal Joint return since you don't have any withholding taken out. You will get credit on your return for the estimates you send in. So keep track of the dates and amounts. You will have to enter them into your return next year.
You must make quarterly estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).
