KristinaK
Employee Tax Expert

Self employed

TurboTax 2020 is not available yet. However, you do not need it in order to calculate your 2020 estimated taxes. 

 

This article has a lot of useful information. 

 

You can also use TurboTax TaxCaster to calculate your estimated tax payments.

 

You are correct, you will need to make quarterly payments. And here is how you make them

 

Eventually, when you prepare your 2020 tax return (in 2021), you will need TurboTax Self-Employed version. Besides a W-2 from the employer, you should be receiving a Form 1099-NEC reporting your independent contractor income. All that and other tax forms you will enter into the software in 2021. 

 

One important thing to remember: your independent contract income can be reduced by ordinary and necessary expenses to generate this income. Some examples:

miles driven from your office (possibly home office) to see your client(s); 

home office deduction;

office supplies;

telephone, internet;

business meals, etc. 

 

 

Here is some more information for you to read.

 

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