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msimons
New Member

Do I need to file quarterly tax payments if I do uber and lyft as a side gig, if most of my taxes are with held through my full time and part time jobs?

I am asking as on the form it seems to be only if your taxes are expected to be 1000 or more after dedications or if 90% of your taxes are owed through self employment. Neither applies. At least 80% of my taxes are already being with held automatically through my full time and part time job.
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1 Reply
JulieCo
New Member

Do I need to file quarterly tax payments if I do uber and lyft as a side gig, if most of my taxes are with held through my full time and part time jobs?

It depends.  The main concern is that you do not want to have an underpayment situation with your taxes next year where you would receive a penalty.  As you noted above, the determination is based on a few factors such as whether you would owe over $1000 in taxes when you file your return next or during the year will you be paying (having withheld) at least 90% of the total taxes that were owed for this past year?  

See the full determination questions below -- if you answer YES to at least one of these questions, then you do not need to pay quarterly tax estimates.  Another option if you are unsure is to have your withholding amounts increased by your employer by filing a new W-4 form listing a specific additional amount to be withheld each pay period. This can help cover any additional taxes due for your uber and lyft income.  


To determine whether you need to make quarterly estimates, answer these questions:

  1. Do you expect to owe less than $1,000 in taxes for the tax year after subtracting your federal income tax withholding from the total amount of tax you expect to owe this year? If so, you're safe—you don't need to make estimated tax payments.
  2. Do you expect your federal income tax withholding (plus any estimated taxes paid on time) to amount to at least 90 percent of the tax that you will owe for this tax year? If so, then you're in the clear, and you don't need to make estimated tax payments.
  3. Do you expect that your income tax withholding will be at least 100 percent of the tax on your previous year's return? Or, if your adjusted gross income (Form 1040, line 37) on your tax return was over $150,000 ($75,000 if you're married and file separately), do you expect that your income tax withholding will be at least 110 percent of the tax you owed in tax for the previous year? If so, then you're not required to make estimated tax payments.

If you answered "no" to all of these questions, you must make estimated tax payments using Form 1040-ES. To avoid a penalty, your total tax payments (estimated taxes plus withholding) during the year must satisfy one of the requirements we just covered.

See this article for more information:  Estimated Taxes - How to Determine What to Pay and When

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