1099 Status as Contract worker

1 reply
14 views

I am working as a Contractor for a work from home company. I will be getting a 1099. I assume I need to pay quarterly taxes to avoid penalties. How do I calculate those figures? Should I form and LLC as well?

OpeA1

Level 6

Hello 8789123!

Here is a link to our free tax calculator to help you with the calculations: https://turbotax.intuit.com/tax-tools/calculators/w4/ .

Here is a link to give you some helpful information on the benefits of forming an LLC: https://ttlc.intuit.com/turbotax-support/en-us/help-article/business-taxes/sole-proprietorship/L8soekmVY_US_en_US?uid=l63vhv3n

I hope this helps.

Thank you for using TurboTax Live!

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

1099 Status as Contract worker

1 reply

Unlock tailored help options in your account

Get answers to all your tax questions

Unlock tailored help options in your account

Get answers to all your tax questions

Sign up

Login with SSO

Let's get you signed in

Login with SSO