I will receive a 1099 at end of year. Do I need to...
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I will receive a 1099 at end of year. Do I need to pay quarterly if I will earn about $10,000 anuually?

 
2 Replies
Employee Tax Expert

I will receive a 1099 at end of year. Do I need to pay quarterly if I will earn about $10,000 anuually?

It depends.

 

Based upon the type of income, you may need to make estimated tax payments.

 

If you prepared your tax return using TurboTax, you can enter your expected income for 2020 in the following section.  TurboTax will then generate estimated tax payment vouchers as needed based upon your specific situation.

 

You can make your changes in the federal section of the input. 

  1. Select Other Tax Situations 
  2. Select Other Tax Forms 
  3. Select Form W-4 and Estimated Taxes 
  4. Enter your revised income information in this section according to your income and TurboTax will prepare your estimated tax payment vouchers accordingly.
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Level 15

I will receive a 1099 at end of year. Do I need to pay quarterly if I will earn about $10,000 anuually?

You will owe self employment tax for Social Security and Medicare.

 

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

 

https://www.calcxml.com/calculators/self-employment-tax-calculator     (non-TT site)

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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