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Level 1
posted Aug 30, 2023 2:44:21 PM

1099INT

I received a 1099INT last year for at home work I had done for a company. Now it wasn't for a very large sum of money, but it did affect our tax return, but did not put us in a higher tax bracket. Do I need to pay in quarterly this year? I feel I may have been penalized last year for not paying in quarterly. 

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1 Replies
Employee Tax Expert
Aug 30, 2023 2:47:41 PM

Without seeing your last tax return, you may have had to pay an underpayment penalty. Or, you very well could have had to pay the extra self-employment tax on self-employment income if you received a 1099-NEC for consulting work.

 

We recommend reaching out to TurboTax Live experts to discuss your individual situation further, and to use the TurboTax TaxCaster to determine if you should make an estimated tax payment.