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Level 1
posted Aug 30, 2023 9:30:16 AM

1099

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

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3 Replies
Employee Tax Expert
Aug 30, 2023 9:33:57 AM

Hello how are you doing

Employee Tax Expert
Aug 30, 2023 9:34:07 AM

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

Employee Tax Expert
Aug 30, 2023 9:38:16 AM

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.