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SLP01
New Member

1099 to a W2

I have been a 1099 employee and have been paying estimated quarterly taxes. I paid April and June, but have now switched jobs and I am now a W-2 employee. Do I have to pay the remaining 2 quarters as I was only employed 1/1/24-6/1/24. The way I look at it is I worked half the year and paid half the taxes. I am correct in my thinking? 

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1 Reply

1099 to a W2

No you don't have to pay the remaining estimates.   If you are sure you sent in enough to cover the self employment taxes on it.   The Estimates are optional to pay.  You could even increase your W2 withholding if you need to pay more.

 

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.)

 

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