Quarterly Estimated Tax Payments

[GlessingJW]

Hello,

   I'm having trouble figuring out how to estimate taxes and how to make quarterly estimated tax payments using Turbo Tax for the 2025 tax year.

As of 1/1/2025 I have been an independent contractor without a registered business and from my understanding that means I am a sole proprietorship.

The AI chat is useless for help.

I was able to talk to a representative on the phone and they seemed very confused and said that what I was trying to do is impossible. The representative said that since we are still in 2024 taxes, there is no software to help me with 2025 estimated taxes and quarterly payments. They said to call back after April, I confirmed I could call in May, and was told yes.

Here's my problem.

   Estimated taxes for January 1st through March 31st are due on April 15th. If the software doesn't exist yet, and I'm supposed to call back in May, how do I estimate my taxes and make my April 15th payment?

Can someone please help me figure this out?

Thank you so much.

Jake

[SharonD007]

TurboTax has a Self-employment Tax Calculator that you can use to estimate how much you will owe based on your projected income. Refer to the TurboTax link  Estimate your refund (or what you’ll owe)

[MichaelW]

So if you're just starting as an independent contractor in 2025, it sounds like your 2024 taxes do not include self-employment. In this case I suggest just making a good faith estimate as to what your 2025 income will be. Later in the process of completing your tax return, you'll have the opportunity to enter this information into Turbo Tax and generate estimated tax payment vouchers. If you pay too much, you'll get a refund next year. If you don't pay enough, you'll owe at tax time next year and have to pay when you file your 2025 tax return next year. Just save up a lot of extra money all year long (we set aside 35% of our self-employment income just in case) so that you're ready to pay up if you still owe. Either way, you'll have a better idea of what to estimate for 2026 if you're still self-employed at that time.

[DawnC]

TurboTax will prepare estimated tax payment vouchers for 2025 for you.    In TurboTax, you can go through the estimated taxes for next year section.   If you already filed your return, you will need to click on Add A State at the bottom of the home page to access your return.    You can do this for your federal taxes and your state taxes, if applicable.  

Estimate next year's federal taxes

Estimate next year's state taxes