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belliveau02
New Member

How do I go about starting to pay on 1099 now instead of wait til return?

 
2 Replies
DoninGA
Level 15

How do I go about starting to pay on 1099 now instead of wait til return?

What form 1099 are you referring to and why do you think you need to pay taxes based on this form 1099?

There are almost two dozen different form 1099's, such as 1099-R, 1099-MISC, 1099-NEC, 1099-INT, 1099-DIV, 1099-B, 1099-S, SSA-1099, 1099-C, etc.

Opus 17
Level 15

How do I go about starting to pay on 1099 now instead of wait til return?

You file one tax return for the year that lists all your income, deductions and credits, and calculates your tax owed.  If you have income during the year that is not subject to tax withholding (such as payment from a client, or sales of stocks and other assets, or prizes, or other types of 1099 income) you can make an estimated tax payment, but the 1099 must still be listed on your tax return and used to calculate your overall tax.  You will get credit for the estimated payment you made.  To make an estimated payment, go to www.irs.gov/payments and choose "2021 estimated payments" or "2021 form 1040-ES" from the dropdown menu.

 

Turbotax is not designed to calculate your estimated payment for you.  If you are in business, you might get those figures from your business accounting program, or you can use the IRS estimated tax calculator. https://www.irs.gov/individuals/tax-withholding-estimator

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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