Hi! Yes and yes. You can make on lump sum payment to the IRS to cover your self employment tax liability, as long as it is in the first or second quarter. The IRS will still hit you with an underpayment penalty if you make money from Jan-Dec but wait until the last quarter to make the estimated payment. Any overpayment will be refunded when you file your tax return. Here is a very informative article that you can refer to for more information: Myths About Quarterly Taxes for the 1099 Tax Form
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
