I filed federal income taxes for the first time this year. I got a job at the end of last year, so I only had 9k in income for 2022. I am single, no children. All of my income is as an independent contractor.
I discovered through filing this year that apparently I'll need to make quarterly estimated payments for 2023. I have tried to understand how to calculate this accurately, but it seems to require filling out the forms I needed a software to complete for me in the first place. I can't understand them well enough to feel confident in filling them out, and I have really tried.
Can someone please help me figure out how much I need to pay in quarterly payments? Or point me to an easy to understand tool that doesn't involve deciphering IRS forms? I am completely lost.
Because I'll hopefully have my new job all year in 2023, instead of only part of the year as in 2022, I'm expecting my income to increase to around 19-22k for 2023 (before any adjustments/deductions/expenses of any kind applied). I've provided my numbers for 2022 below, in case they matter.
I just want to avoid any penalties, which I definitely can't afford. And I am really concerned about also owing income tax on top of SE tax in 2023, which I've been told to expect. Everyone I know is expecting refunds, and I'm seeing people with incomes of 100k and up not owing a dime. What am I doing wrong that everyone else is doing right?
2022
9,000 income before any adjustments or deductions
7,700 after expenses deducted
6,191 adjusted gross income (after 1k in health insurance premiums + that 50% SE tax thing deducted I think)
0 taxable income
1,101 total tax
553 tax payments/credits (EIC I think)
548 payment due
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Can someone please help me figure out how much I need to pay in quarterly payments for 2023?
I filed federal income taxes for the first time this year. I got a job at the end of last year, so I only had 9k in income for 2022. I am single, no children. All of my income is as an independent contractor.
The underpayment penalty may apply if any of these apply:
Can someone please help me figure out how much I need to pay in quarterly payments? Or point me to an easy to understand tool that doesn't involve deciphering IRS forms? I am completely lost
To avoid this situation, it is recommended that you adjust your W-4 with your employer or pay estimated taxes.
Because I'll hopefully have my new job all year in 2023, instead of only part of the year as in 2022, I'm expecting my income to increase to around 19-22k for 2023 (before any adjustments/deductions/expenses of any kind applied). I've provided my numbers for 2022 below, in case they matter.
You can follow these steps to prepare estimated tax forms in TurboTax. Be sure to indicate the numbers you expect to earn in 2023.
To post your estimated taxes:
Start at Federal.
I just want to avoid any penalties, which I definitely can't afford. And I am really concerned about also owing income tax on top of SE tax in 2023, which I've been told to expect. Everyone I know is expecting refunds, and I'm seeing people with incomes of 100k and up not owing a dime. What am I doing wrong that everyone else is doing right?
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