1099

[craigv]

I am transitioning from w-2 income to 1099.  Do I need to do quarterly payments?  If so, how do I estimate the amount?

[MarthaT]

Hello how are you doing

[Cindy4]

Hi @craigv !

Quarterly payments are required if you will owe more than $1,000 for the year.

Here is a resource that should help:

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-p...

Best wishes on your new venture!

Cindy

[MarthaT]

To answer your question, it is best that you start making payment if you believe your net income from your self-employment (Form 1099-NEC) is more than $1,000.00.  Otherwise you might ended up paying more with penalties and interest.  You can start making your quarterly payments at https://www.irs.gov/payments.