topic I usually file with W2's, but will have 1099's this year. Do I set the money aside and pay when I file? Or do i pay the estimated taxes as I go? in Get your taxes done using TurboTax

I usually file with W2's, but will have 1099's this year. Do I set the money aside and pay when I file? Or do i pay the estimated taxes as I go?

wishchicky — Thu, 22 Aug 2019 15:34:24 GMT

Re: I usually file with W2's, but will have 1099's this year. Do I set the money aside and pay when I file? Or do i pay the estimated taxes as I go?

Anonymous — Thu, 22 Aug 2019 16:11:29 GMT

pay as you go. not only will you owe income taxes but also self-employment taxes. generally estimates for 2019 need to be paid 1.4 on each of these dates 4/16, 6/15, 9/15 and 1/15/2020

if you had no income the first quarter ending 3/31/19 than 50% would be due 6/15 and and 25% each 9/15 and 1/15/2020

if no income thru 5/311/19 then 75% 9/15 and 25% 1/15/2020

failure to timely pay estimated taxes will result in penalties

since you have no withholding, to avoid penalties your estimated tax payments must be 90% of 2019 tax or 100% (sometimes 110%) of 2018 tax, whichever is smaller.

TT has a website Taxcaster for estimating 2019 taxes including self employment tax

Re: I usually file with W2's, but will have 1099's this year. Do I set the money aside and pay when I file? Or do i pay the estimated taxes as I go?

wishchicky — Fri, 23 Aug 2019 01:22:48 GMT

Ug im sorry, i will also have 1099 this year, along with W2. How do i know how much to pay to state and how much to federal? Is it a percentage?

Re: I usually file with W2's, but will have 1099's this year. Do I set the money aside and pay when I file? Or do i pay the estimated taxes as I go?

xmasbaby0 — Fri, 23 Aug 2019 03:59:13 GMT

@wishchicky

If you receive a 1099Misc for self-employment income, you will pay 15.3% self-employment tax for Social Security and Medicare, as well as ordinary federal and state tax.

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/2893577-does-a-1099-misc-mean-i-m-self-employed

https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

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