topic Re: 1099 Contractor question in Get your taxes done using TurboTax

1099 Contractor question

wkc9 — Mon, 07 Apr 2025 17:35:05 GMT

Dear Community,

I recently started working at a company called Ringle. They give me a 1099 for tax purposes. I'm confused as to whether I need to actually pay estimated tax before April 15th. I only started working this year as I'm still in school. Basically, I didn't work at all in 2024 and made no money. I was a citizen for the whole year. I'm not sure what the IRS means when it says "Your prior tax year covered a 12-month period". I'm guessing it means something like you worked a certain months out of the year and didn't work the other months? It's my first time dealing with a 1099 and it's incredibly confusing.

I'm also not sure how to use the self-employment tax calculator on TurboTax's website. I tried using it, but it didn't have a section for 1099s. There were only fields for W-2s so I'm really lost. Sorry if my thoughts are coming out all jumbled.

TLDR: Do I need to file estimated taxes before April 15th? I thought I didn't but I'm getting cold feet now that the deadline is a bit closer.

Thank you in advance for those who decide to answer these questions. I appreciate your time.

Re: 1099 Contractor question

DaveF1006 — Mon, 07 Apr 2025 17:46:40 GMT

To clarify, what was the amount listed on your 1099? Are you filing as single and is this 1099 income the only income you earned during the year?

@wkc9

Re: 1099 Contractor question

wkc9 — Mon, 07 Apr 2025 18:01:29 GMT

Dear Dave,

I haven't received one yet since I started working this year. I will be married filing jointly since it seems to be the right status. For background, I married someone in another country, but she has not moved to the US yet nor gotten her green card. The 1099 that I will get this year will be the only one I've ever earned in my life.

@DaveF1006

Re: 1099 Contractor question

ThomasM125 — Mon, 07 Apr 2025 19:36:12 GMT

If you mean you will be given a Form 1099-NEC for work performed in 2025, then yes, you should pay estimated taxes of at least 15% of your net self-employment income, to cover the self-employment tax you will be subject to. In addition, you will likely be subject to income taxes of 12% to 22% of your taxable income, so you should pay in estimated taxes for that as well.

The first quarter estimated tax is Due April 15, so you should make your payment by then.