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bakerfamily0322
New Member

How do I submit my estimated taxes for the real estate commissions I receive for 2021 even though I work full time for a large IT company?

I made my first real estate commission sale this year, 2021, and I work full time for a large IT company.  I understand I should pay estimated taxes on my real estate commissions but I am not sure how I go about doing that since I work full time as well?
4 Replies
VolvoGirl
Level 15

How do I submit my estimated taxes for the real estate commissions I receive for 2021 even though I work full time for a large IT company?

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

 

- 2. You expect your withholding and credits to be less than the smaller of:

    90% of the tax to be shown on your current year’s tax return, or

  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).

 

Turbo Tax will calculate the 1040ES estimated payments

https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...

 

How to make the Estimated payments

https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875

 

Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

To prepare estimates for next year you start with your current return, but be careful not to change anything.  For Online returns, if you can't get back into your return, Click on Add a State to let you back into your retun.

 

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

 

Or Go to….

Federal Taxes or Personal (Desktop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

 

DoninGA
Level 15

How do I submit my estimated taxes for the real estate commissions I receive for 2021 even though I work full time for a large IT company?

Use the worksheets for the estimated tax payment Form 1040-ES - https://www.irs.gov/pub/irs-pdf/f1040es.pdf

Also, go to this IRS website for estimated taxes information - https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

 

Payment can be made by mailing the Form 1040-ES and a check to the IRS.

Or you can use the IRS payment website for Direct Pay - https://www.irs.gov/payments

Carl
Level 15

How do I submit my estimated taxes for the real estate commissions I receive for 2021 even though I work full time for a large IT company?

You can make estimated tax payments to the IRS at www.irs.gov/payments. Also, I can't stress this enough. After you make each quarterly tax payment *PRINT* *YOUR* *RECEIPT* and file it with your 2021 tax information so you'll have it next year when you go to prepare and file your 2021 tax return.

If your state also taxes personal income, you'll need to make estimated payments to your state taxing authority too. How you would make those payments depends on your state, as not all states offer the ability to pay estimates on line. You'll need to check your state's dept. of taxation website for that.

 

bakerfamily0322
New Member

How do I submit my estimated taxes for the real estate commissions I receive for 2021 even though I work full time for a large IT company?

Thank you!

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