A client always pays once a year. And doesn't withhold taxes

[katiebird36]

But last year, they asked to wait till this year to pay. And I agreed. So, they have paid me $XXX so far this year.

It is 50% / 50% whether they will pay me for this year in November, or again ask to pay in 2025. It's fine with me either way. But I need to calculate my 2024 taxes...

I'm thinking that I should assume she will go back to the Nov. schedule and I should assume income from her being $XXX + $YYY and pay estimated taxes on that. Then if she waits till 2025, I would have already sent in estimated tax payments on it. I think

What I don't know is how to do any of it. Is there a form for estimating taxes in Turbo Tax? And what about the state taxes?

Any guidance would be appreciated. I'm not even sure how to look up the answers to these questions.

[JohnB5677 · Accepted solution]

As long as you can accommodate her payment schedule, it sounds like you have a good plan.

TurboTax can held to do the estimated taxes.

Open Tax Tools

1. On the drop-down select Tools
2. There will be 4 green boxes
3. Select Topics Search
4. Type the Estimated taxes paid for next year
5. The first screen will be Enter Your 2024 W-2 Wage Information
6. Answer the questions and enter amount.
7. You will come to Enter 2024 Other Income

Desktop is a little different.

Log into TurboTax

1. Under Personal
2. Select Other Tax Situations
3. Scroll down to Other Tax Forms
4. Select Form W-4 and estimated taxes
5. Say Yes to Adjust How Much Tax You Pay
6. Continue through the interview.

You can make the payment online:

My IRS reference is Pay by Check or Money Order

Before submitting a payment through the mail, please consider alternative methods.

The IRS has a safe, quick and easy electronic payment options might be right for you.

If you choose to mail your tax payment:

• Make your check, money order or cashier's check payable to U.S. Treasury.
  • Please note: Do not send cash through the mail. If you prefer cash payment, see "More Information" below.
• Enter the amount using all numbers ($###.##).
• Do not use staples or paper clips to affix your payment to your voucher or return.
• Make sure your check or money order includes the following information:
  • Your name and address
  • Daytime phone number
  • Social Security number (the SSN shown first if it's a joint return) or employer identification number
  • Tax year
  • Related tax form or notice number
• Mail your payment to the address listed on the notice or instructions, or consult the table below.

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[katiebird36]

Thank you VERY much!! This is very helpful.