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craigv
Level 1
August 30, 2023
Question

1099

  • August 30, 2023
  • 2 replies
  • 0 views

I am transitioning from w-2 income to 1099.  Do I need to do quarterly payments?  If so, how do I estimate the amount?

2 replies

MarthaT
Employee Tax Expert
MarthaTEmployee Tax Expert
Employee Tax Expert
August 30, 2023

Hello how are you doing

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MarthaT
Employee Tax Expert
MarthaTEmployee Tax Expert
Employee Tax Expert
August 30, 2023

To answer your question, it is best that you start making payment if you believe your net income from your self-employment (Form 1099-NEC) is more than $1,000.00.  Otherwise you might ended up paying more with penalties and interest.  You can start making your quarterly payments at https://www.irs.gov/payments.

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Cindy4 12
Employee Tax Expert
Cindy4 12Employee Tax Expert
Employee Tax Expert
August 30, 2023

Hi @craigv !

 

Quarterly payments are required if you will owe more than $1,000 for the year.

 

Here is a resource that should help:

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-pay-and-when/L3OPIbJNw

 

Best wishes on your new venture!

Cindy

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