topic Re: Estimated taxes and student loans in Deductions & credits

Estimated taxes and student loans

Ctole003 — Mon, 09 Mar 2026 09:10:12 GMT

I am filing estimated taxes for self-employment. My understanding when filing a yearly 1040 is my AGI is calculated by deducting both my self employment tax deduction and student loan interest from my total income. Is the same when calculating my estimated taxes? Should I also deduct both my self employment tax deduction and student loan interest from my projected 2022 total income in order to get my expected 2022 AGI?

Re: Estimated taxes and student loans

VolvoGirl — Fri, 04 Mar 2022 04:47:39 GMT

Why do you need the 2022 AGI? Only 1/2 of the self employment tax is deducted from your income.

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is 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.

FOR ESTIMATES

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

- 2. You expect your withholding and credits to be less than the smaller of:

90% of the tax to be shown on your current year’s tax return, or

100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).

To prepare estimates for next year you start with your current return, but be careful not to change anything. For Online returns, if you can't get back into your return, Click on Add a State to let you back into your retun.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

Or Go to….

Federal Taxes or Personal (Desktop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

Re: Estimated taxes and student loans

Ctole003 — Fri, 04 Mar 2022 05:10:59 GMT

I am trying to calculate my expected 2022 AGI because I started self-employment at the end of 2021 and worked only for a couple of months. According to my recently filed return, my estimated quarterly taxes is only $600 which is definitely incorrect.

Re: Estimated taxes and student loans

VolvoGirl — Fri, 04 Mar 2022 05:17:00 GMT

Then go back through the estimated tax section and adjust your expected income for the whole year 2022. You don't have to use the first set of estimates. You are not locked into those. You can change them and send in more. You can just cross out the amount and write in a new amount.

Or to change estimates for next year you start with your current return, but be careful not to change anything. For Online returns, if you can't get back into your return, Click on Add a State to let you back into your retun.