topic Job Change in Get your taxes done using TurboTax

Job Change

jpkpkk09 — Wed, 30 Oct 2024 16:40:52 GMT

I have been a Turbotax client since 2009. I've had a change in my job that happened on June 30 2024. The company moved me from a full time employee to a Consultant. I've tried to estimate my taxes and filed my 3rd Quarter payment on 9-12-24. My next payment is due 1-15-25. When should I get with a Turbotax accountant to figure my 2024 return?

Re: Job Change

xmasbaby0 — Wed, 30 Oct 2024 16:42:18 GMT

The 2024 software will not be available until late November/early December.

Meanwhile, you can use the Taxcaster tool to get an estimate.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Re: Job Change

VolvoGirl — Wed, 30 Oct 2024 16:45:35 GMT

The 2024 returns won't open until mid Nov or December for Online accounts. Have you been using the extra Live or expert help service? You should be able to do it yourself.

You now get a 1099NEC for self employment income and a W2 for jan-June.

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You will need to use the Online Premium version or any Desktop program but the Desktop Home & Business version will have the most help.

Turbo Tax Beginners Tax Guide for the Self Employed
https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed/L2HLojrj5

What is form 1099NEC?
https://turbotax.intuit.com/tax-tips/irs-tax-forms/what-is-form-1099-nec/L5fbwIFSn

Here is some IRS reading material……
IRS information on Self Employment
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

Publication 334, Tax Guide for Small Business
https://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses
https://www.irs.gov/pub/irs-pdf/p535.pdf

You pay Self Employment tax on $400 or more of net profit from self-employment in addition to any regular income tax. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.

Re: Job Change

BeckyLeeH — Wed, 30 Oct 2024 16:51:01 GMT

Perhaps Turbo Tax Tax Caster would be helpful to you:
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/