Does Tax calculate withholding and taxes due on a 1099?

[AnthonyC · Accepted solution]

I am assuming you are referring to entering a Form 1099-MISC and the related taxes on your tax return - then, yes.  When you enter a Form 1099-MISC, the program will prompt you to fill out the appropriate schedules - you will likely need both Schedule C and Schedule SE.  Schedule C is where you will be able to show the income from the 1099 and take any related expenses and then Schedule SE is where your self-employment tax liability will be calculated.  Note:  Unless you have no expenses, you will likely need to be using TurboTax Self Employed version in order to handle these entries.

TurboTax will also calculate any taxes due on other Form 1099s such as 1099-Rs, 1099-Bs, etc.  You simply enter them into the program and TurboTax will calculate the taxes based on your total income.

If you are referring to some sort of calculator where you can calculate the amount of taxes due on a specific single Form 1099, then - no - TurboTax cannot do that calculation.  The amount of taxes due will depend on your total income and expenses related to the income, so it needs to be entered with the rest of your return.  You can do a rough calculation of both income and self-employment taxes that would be due on the net earnings if you have an idea of your income tax percentage rate.  SE taxes are roughly 15%.