Self employed

Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when tax return is filed. Since the majority of your income is thru W2, you may want to consider adjusting your paycheck withholdings by using a W-4 form (this form is provided to your employer to make changes to your federal withholdings on your paychecks). This could then cover the tax from the 1099 income instead of making estimated payments. Basically, you would be paying the "estimated payments" thru your paychecks instead of mailing in a separate payments. In order to do this, you would need to calculate your total tax liability for the year (you will need your paystubs and also estimated net income from 1099s).  You can use the Turbo Tax withholding calculator at no charge: https://turbotax.intuit.com/tax-tools/calculators/w4/ . This can be used to calculate your tax liability for the year to use as your basis for your estimated tax payments. It will take into account W2, investments, withholdings, business earnings, etc. to calculate the estimated tax liability. Since you are also entering your paystub information, including your federal tax withholdings to day, the withholding tool would then provide you with the estimated tax liability due. You can take this amount and divide it by the number of pay periods remaining in the year.  For example, if the tax liability (after including  your current withholdings) was $2,000 and your had 10 pay periods remaining, you could have any additional $200 withheld from each paycheck.  In order to this, you would complete a W-4 form and add this as an "extra" withholding from your paycheck on Step 4, Line (c) Extra Withholding. 

Turbo Tax can also assist you with with W-4 and Estimated payments. 

You can go through the section "W-4 and Estimated Taxes" to figure your customized 1040-ES quarterly tax payments for 2022.    There is also a place in that interview to enter what you have already paid for 2022 (if applicable), and it will let you include any expected income changes or any other changes you have for 2022.

• Log in, and then here's how to open your return back up:
• At the Tax Home or in the section "Your Tax Returns & Documents" for tax year 2021, look for a link "Add a State."
• Click on "Add a State."  (you don't really add one; that's just to get the return to open back up.)
• Once the return is open, click in the left menu column on Federal.
• Then at the top choose tab "Other Tax Situations".
• It may ask you if have 3-4 uncommon situations.  If so, answer those.
• Once you get past those, you may then see a screen "Your uncommon Tax Situations"
• Scroll way down to the last category "Other Tax Forms" and click "Show More."
  
• Find topic "Form W-4 and Estimated Taxes" and click Start or Update.
• It will first ask you if you want to change your W-4 withholdings.  If you need to do that, click "Yes" to go through the W-4 interview.
• If you don't need the W-4 (withholding) interview, you can click "No" and go to the 2022 estimated taxes interview.
• You may get a screen that says "Review your Estimates for 2022?" and asks "Do you want to review your income or deductions".  Say YES (or Review Now), so you can get to the additional questions.
• You will go through a lot of screens asking about expected income and deductions.
• Finally, you will come to a screen that says "Enter Payments You Expect to Make."
• There are some boxes there that say "Enter estimated tax payments you've already made for 2022."
• Next screen will ask "which method" to use to calculate your 2022 estimated payments.
• Next screen will ask if you want to print vouchers.
• If you want to pay them electronically instead of mailing the vouchers and checks, we can tell you how to use IRS Direct Pay or the Treasury's EFTPS website.

NOTE:  When you open your return back up, do not make any changes in the return itself since it's already been filed.   It's OK to go through the estimated taxes interview that I describe below, but do not make changes in the original return--just in case you later have to amend it, which must start out exactly as originally filed.

If you prefer to make estimated payments instead of W4 adjustments, you can pay directly online. If you do not have an IRS account, you may want to considering setting one up: https://www.irs.gov/payments/your-online-account You can then easily make and track your IRS estimated payments.   Also, as a reminder, be sure to also calculate and make estimated state payments, if your state requires you to do so.