Hello rwayman,
You are correct, you will need to make estimated tax payments to cover 7-1-2024 through 12-31-2024. You indicated you started at the beginning of July and had w-2 earnings prior to July.
If you did have a w-2 job in the beginning of the year, you will need to calculate what your estimated tax will be for 2024 and the subtract what has been submitted so far as withholding from your w-2 job. The balance left after subtracting withholding would be the amount you want to submit as estimated tax payments. You would then submit your 3rd and 4th quarter estimated payments to cover this amount.
If you did not have a w-2 job in the beginning of the year, you will still need to calculate what your estimated tax will be for 2024. This will be the amount you want to submit as estimated tax payments. You would then submit your 3rd and 4th quarter estimated payments to cover this amount. When you file your Form 1040 you will also be filing a Schedule C for self employment. You will have to indicate the date you started your self employment on the Schedule C so the IRS will know that you were not an independent contrator the entire year.
You can submit your estimated payments online at the IRS website or you can print the estimated voucher and mail it to the IRS with a check or money order.
TurboTax's Tax Caster tax calculator is a good tool to help you estimate your 2024 tax bill or if you may get a refund.
Here are some helpful links with additional information on how and when to make estimated payments.
Estimated Taxes: How to Determine What to Pay and When
When to pay estimated tax
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
