I made self employment income last year and I think I need file both Self employment tax and estimated tax today but I can't figure out how to do that. Can someone help?

[Vanessa A]

If you had self-employment income, all you will need to do to report it is to tell TurboTax that you had income as a self-employed individual in the beginning questions and then TurboTax will give you the screens to enter your SE Income and automatically calculate your SE Tax.  

If you already passed the original questions about self-employment income you can get there by selecting the following:

• Federal
• Income and Expenses
• Show More next to Self-Employment
• Start or Revisit next to Self-Employment
• Yes, to you have any self-employment income or expenses
• Enter the type of self-employment work you do
• Click through a few more screens and you will get to a screen that says "Your XX info"
• Click Looks good
• Then you will come to a screen that says Let's enter the income for your business.  It will give you the option of 1099-NEC or Other self-employed income including the 1099K , cash and checks.  Select the one that applies to you and hit continue
• If you do not select one, it will not let you enter your income
• Enter your self-employment income on the next screen
• Continue and on the next screen click add expenses

When you complete your return, you will come to a section that discusses your estimated taxes for next year.  It will base it off this years income, but will allow you to make changes to say you will make more or less in 2024.  You will then see how much your quarterly payments will need to be.  You can then go to IRS Direct Pay to pay your estimated taxes for 2024.  You can also use direct pay to pay any tax liability you may have for 2023. 

[VolvoGirl]

You pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C in addition to regular income tax on it.   You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400).  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  

The SE tax will be included in your tax due or reduce your refund.  It is on the 1040 Schedule 2 line 4 which goes to 1040 line 23.  The SE tax is in addition to your regular income tax on the net profit.  You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 15 which flows to 1040 line 10.

You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium or use any of the Desktop CD/Download programs.

How to enter self employment income

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

Actually I would just enter your total income as Other self employment income or as Cash or General income.  You don't need to get a 1099NEC or 1099Misc or 1099K.  Even if you did you can enter all your income as Cash.  Only the total goes to schedule C.

You will need to keep good records.  You may get a 1099 at the end of the year if someone pays you more than $600 but you need to report all your income no matter how small and if you don't get the 1099NEC.  For the future, you should use a program like Quicken or QuickBooks to track your income and expenses.  There is a QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed  return....

http://quickbooks.intuit.com/self-employed

You use your own records.  You are considered self employed and have to fill out a schedule C for business income.   You use your own name, address and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all income is At Risk.   

After it asks if you received any 1099Misc or 1099NEC it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records.  Just go through the interview and answer the questions.   Then you will enter your expenses.