Great question, but I am not sure if I understand if you have other income as well.
If you have a W2 job that withholds Federal and state taxes for you, then it is best to make sure your W4 is withholding enough for your 1099 NEC income as well.
Here are my favorite Self Employment links:
Self employment tax
Self employment tax hub with calculator
Self Employment income and expenses
The Self employment tax hub with calculator link is nice to see how much you need to be withholding.
You can also get some estimates on how much you will owe by using one or both of these links.
Here are my two favorite links for tax estimator. Remember that they do not save so they will time out.
IRS Tax estimator
Taxcaster
You can use these throughout the year to see if you are owing. What I would suggest is doing a tax estimator to see if you are going to owe anything for 2023. If you are going to, then change your W4 again and add a bit more to cover that amount due. This will go on line 4 c of the W4 (extra withholdings). If you are not able to withhold from a W2 employer, then you can use this to estimate your amount that you will owe and then send in estimated tax payments.
You can do this by setting up an account with the IRS and state and make payments online. You can also mail your payments to the IRS or state.
Finally, what I would do is look at your 2022 tax return and see if you had any estimed tax penalty on line 38. If you did not and your tax return is always the same then my educated guess is that you do not need to send in estimated tax payments.
I hope you have found this helpful.
Katie S.
Katherine S 63
