I am retired (Soc Sec and other). After the first of the year I began a part time self-employment venture, and belatedly realized I need to do/pay estimated taxes.
I would like to know if TT can help me do that at this point. The is no 1040-es in my last year's return, not needed at that time. I used TT (online) to determine standard or calculated deductions. It was standard. And to file my return.
Is there a way to use TT to calculate my estimated taxes?
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https://ttlc.intuit.com/replies/3301588
PAYING ESTIMATES
For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% for 2022 SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.
You must make quarterly estimated tax payments for the current tax year (or next 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.)
https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875
https://ttlc.intuit.com/community/tax-payments/help/when-are-estimated-taxes-due/00/25857
When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state.
This will take you back to the 2021 online tax return so you can use the estimated payment section ... be careful to NOT make any changes to the filed return ... ONLY use the estimate section.
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