Can I upgrade to the Self Employment Turbo Tax product after I submitted my return for 2019? I don't have an upgrade option anywhere after I log in.

[baier-rakowski]

Looking to get the 2020 Self Employment product but don't see the option. It was recommended to log into Turbo Tax prior to starting, but I am wondering if I just need to order from scratch to get it up and running.

[VolvoGirl]

You can't upgrade yet.  Not until the 2020 online versions open in December.  Do you want to sign up to buy the Desktop Home & Business program?

The Desktop CD/Download program usually comes out in early November.  The Online Personal versions open in December.  Keep checking back.  After Oct 15 the current year programs move to the past year product page and the next year programs will say Pre-Order until available.

Buy the personal Desktop CD/Download programs here

https://turbotax.intuit.com/personal-taxes/cd-download/

Buy Turbo Tax Business here

https://turbotax.intuit.com/small-business-taxes

In December you can start a Online return here

https://turbotax.intuit.com/personal-taxes/online/ 

[xmasbaby0]

You are posting from online Deluxe.  Are you wanting to switch to desktop (CD/download software) for your 2020 return that you will prepare next year?  That software will become available in November for 2020 returns that you will file in 2021.

Do you mean you want to upgrade the desktop software for 2020 that you will order from TurboTax Advantage?  The desktop version is called Home and Business---it is the same as the online version called Self-Employed.

https://ttlc.intuit.com/questions/1901492-what-s-the-advantage-of-turbotax-advantage

https://ttlc.intuit.com/questions/1900547-how-do-i-update-or-confirm-the-info-in-my-turbotax-advanta...

[baier-rakowski]

It isn't so much about having a desktop or non-desktop version, but rather that this is my first year as an independent contractor so I wanted to see if I could use a Turbo Tax product to help calculate quarterly estimated taxes. I am sure I can eventually figure out the 1040-SR, Schedule C and various worksheets needed to calculate my estimated taxes, but when I saw the site below I was under the impression I could upgrade my TurboTax to keep track of my deductions:

https://turbotax.intuit.com/personal-taxes/self-employment-taxes/

There was a link guiding how to upgrade after signing in, but I don't have any of the options in the guide, just an option to download my return. 

Do I just need to purchase the desktop version or the online product?

https://turbotax.intuit.com/personal-taxes/online/self-employed.jsp 

[xmasbaby0]

You cannot upgrade your 2019 software AFTER you filed a tax return.  You are done.  There would be no sense at all to try and upgrade to 2019 Self-Employed. I guess you could try playing with it and do a "dummy" return with the amounts you anticipate for 2020---but the online Self-Employed is still for 2019.   If you play with it, do not go so far that you have to pay or file.   There are other tools you can use to estimate your 2020 taxes.  Or you can wait about a month and use the 2020 software which will be coming out.  When the 2020 software comes out, you can use either online or desktop---most of us think desktop is better.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

https://www.calcxml.com/calculators/self-employment-tax-calculator     (non-TT site)

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

@VolvoGirl Can you give this user the links to some of the information you have on self-employment, please?  You have some links that I do not have handy.

[xmasbaby0]

Whatever you do---do NOT mess around with the return you already filed and change anything in that return.  If you want to create a "dummy" return--then create a different account and username for the dummy return.

[VolvoGirl · Accepted solution]

ESTIMATES

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  

Turbo Tax will calculate the 1040ES estimated payments

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

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).

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

The 1040ES quarterly estimates are due April 15, 2020, June 15, Sept 15 and Jan 15, 2021.   The first quarter isnot due until July 15 this year.  Your state will also have their own estimate forms.

Or you can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2020 Estimate

SELF EMPLOYMENT INFO

Some general info on self employment...........

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

When you are self employed you are in business for yourself and the person or company that pays you is your customer or client.

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax.  You will need to use the Online Self Employed version or any Desktop program but the Desktop Home & Business version will have the most help.

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

[VolvoGirl]

That first link you posted about deductions looks like it's to help you fill out your current year tax return.  Although if you scroll down it does tell you about using the QuickBooks Self Employed version to keep track of this year expenses for next year's return.

https://turbotax.intuit.com/personal-taxes/self-employment-taxes/