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Self employed
If you had self-employment income, all you will need to do to report it is to tell TurboTax that you had income as a self-employed individual in the beginning questions and then TurboTax will give you the screens to enter your SE Income and automatically calculate your SE Tax.
If you already passed the original questions about self-employment income you can get there by selecting the following:
- Federal
- Income and Expenses
- Show More next to Self-Employment
- Start or Revisit next to Self-Employment
- Yes, to you have any self-employment income or expenses
- Enter the type of self-employment work you do
- Click through a few more screens and you will get to a screen that says "Your XX info"
- Click Looks good
- Then you will come to a screen that says Let's enter the income for your business. It will give you the option of 1099-NEC or Other self-employed income including the 1099K , cash and checks. Select the one that applies to you and hit continue
- If you do not select one, it will not let you enter your income
- Enter your self-employment income on the next screen
- Continue and on the next screen click add expenses
When you complete your return, you will come to a section that discusses your estimated taxes for next year. It will base it off this years income, but will allow you to make changes to say you will make more or less in 2024. You will then see how much your quarterly payments will need to be. You can then go to IRS Direct Pay to pay your estimated taxes for 2024. You can also use direct pay to pay any tax liability you may have for 2023.
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