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alattman
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My wife just got a consulting job where I need to enter self employment tax. There doesn't seem to be a way to add the self employment tax package to my existing account

 
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4 Replies

My wife just got a consulting job where I need to enter self employment tax. There doesn't seem to be a way to add the self employment tax package to my existing account

"My wife just got a consulting job"   

When did she become self-employed?  In 2018 or 2019?  You are posting from online Deluxe.  If she was self-employed in 2018 and you are working on a 2018 tax return, you have to upgrade to Self-Employed in order to enter her self-employment income and prepare her Schedule C.

If by "just"got a consulting job you mean 2019, then what are you trying to do?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
alattman
New Member

My wife just got a consulting job where I need to enter self employment tax. There doesn't seem to be a way to add the self employment tax package to my existing account

I'm trying to pay the self employment taxes on her 2019 income.  There doesn't seem to be a way to add the self employment package to my account.

Hal_Al
Level 15

My wife just got a consulting job where I need to enter self employment tax. There doesn't seem to be a way to add the self employment tax package to my existing account

You don't need to  add (or upgrade to) the self employment version on your 2018 software.

You will have to use the self employed version of the 2019 software when you do your 2019 return, early in 2020.

 

You do not actually "pay" your self employment tax (SET), for 2019,  in 2019.  But, you may want to make quarterly estimated tax payments for both her income tax and SET. It's essentially optional. The estimated tax is a combined payment. You do not send in specific/separate payments for SET.

 

Quarterly Estimates. You should pay in quarterly estimated taxes if you don't have enough withholding taken out to cover the tax on all your income. You might be able to increase your W2 withholding, at your regular job, to account for the extra income.
You should make 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.)


TurboTax (TT) can prepare the quarterly payment vouchers. In your 2018 software, enter at:

 

Federal Taxes 

 

-Other Tax Situations

 

  -Other Tax Forms

 

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

 

On the next screen answer No to the W-4 question

 

 If your goal is just to avoid the underpayment penalty, then paying 100% of the prior year tax liability is the “safe haven”

 

 

My wife just got a consulting job where I need to enter self employment tax. There doesn't seem to be a way to add the self employment tax package to my existing account

Here is some general info.  You will need to keep good records.  You may get a 1099Misc 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.  You might want to use Quicken or QuickBooks to keep track of your income and expenses.

 

There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed  return....

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

 

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax.

 

Here is some IRS reading material……

 

IRS information on Self Employment

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

 

Pulication 334, Tax Guide for Small Business

http://www.irs.gov/pub/irs-pdf/p334.pdf

 

Publication 535 Business Expenses

http://www.irs.gov/pub/irs-pdf/p535.pdf

 

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