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Level 1

Question

1099

Forum|Forum|3 years ago
August 30, 2023
3 replies
23 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?

Ask the Experts - Self-Employed - Aug 2023

Level 4

Hello how are you doing

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Level 4

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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Employee Tax Expert

Employee Tax Expert

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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