My wife just started a part time contractor job this summer. The work is some what off and on as they need her.
So I have somewhat guessed, based on the tax tables, at how much to pay in income taxes and paid them each time that she got a pay check (so far a total of 4 times this year).
I believe that I found where to put the tax payments in TurboTax and I have listed each payment below the quarterly payments section.
My question is; does the government send papers about tax payments like employers and others do at the end of the year? I can go online to the EFTPS and print out the payments list, but does the government access it to verify my payments or what is the verification process other than me listing them on TurboTax?
Also, is TurboTax Premier the correct edition to be using anymore? I know that I also am going to have to pay Social Security and Medicare on top of this.
Thank you.
The IRS is not going to send you a statement listing the estimated tax you paid. They do, however, have the information in their system. When you prepare your tax return make sure you enter the estimated payments you made so that the software will calculate your refund/tax due accurately. If you are using online TurboTax you will need Self-Employed; if you are using the CD/download then you can use any version, since all the desktop software versions have all the forms and schedules.
https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes
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https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs