I have 15000 of non taxed income to declare this year for 2018 I did not pay quarterly estimated taxes. How do I handle this?

elizabet-lowry — Sat, 01 Jun 2019 19:37:48 GMT

What created the income?

Ashby — Sat, 01 Jun 2019 19:37:49 GMT

What created the income?

A consulting job

elizabet-lowry — Sat, 01 Jun 2019 19:37:50 GMT

A consulting job

Well, first make sure you enter your income (1099 if you...

Ashby — Sat, 01 Jun 2019 19:37:51 GMT

Well, first make sure you enter your income (1099 if you have one) as self-employment on Schedule C. This will also allow you to deduct any expenses associated with the income.

In terms of your concerns about not paying estimated taxes, you just pay your tax owed by April 15th. Your taxes are due as you earn your money and that's why the IRS asks for quarterly payments. So, you may have to pay a (relatively) small penalty.

But, if you read below, you may not even owe a penalty if any of the items in bold apply to you.

If you didn't pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.

topic A consulting job in Get your taxes done using TurboTax

I have 15000 of non taxed income to declare this year for 2018 I did not pay quarterly estimated taxes. How do I handle this?

What created the income?

A consulting job

Well, first make sure you enter your income (1099 if you...