☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Aug 30, 2023 9:03:15 AM

Estimated Taxes for a new contract

I have been unemployed for all of 2023 and I have started a contract position (1099) at the beginning of August (NOT self-employed). I wiill owe more than $1000 by the end of the year. Do I still have to pay my estimated taxes this year? Do I have to pay the full amount by September 15 or just a quarter?

1 1 191
1 Replies
Employee Tax Expert
Aug 30, 2023 9:11:24 AM

Hi Anip,

Congrads on getting employed for 2023! 

Now you will need to make sure your estimated taxes are paid in by January 15th, 2024 since you will owe more than $1000.  The estimated tax payments made now will avoid any potential penalties and interest for your 2023 tax return.  Here is a great IRS resource to explain the estimated tax process:

IRS Pay as you go, so you won't owe 

You can make the estimated tax payments securely on line at IRS.gov "Make a payment" button.  Make sure you label them for estimated taxes 2023.  

Good luck on the new job.