Do I pay estimated tax without 1099-MISC?

Forum|Forum|7 years ago
June 1, 2019
2 replies
6 views

I was an independent contractor from Feb 2016 to Sep 2016. I haven't paid any taxes yet, and I'm expected to receive my 1099-MISC form by the end of Jan 2017. Should I pay estimated taxes by the IRS deadline of Jan 17, 2017 or wait until I receive my 1099-MISC and then take care of it via Turbo Tax on Feb 2017?

TurboTax Self Employed Online

Carl

Level 11

You should be paying estimated taxes at least quarterly, throughout the tax year. So pay it now, and reduce the late fees that you will incur for not paying the first 3 quarters on time. It's best to overpay, as that will assure you a refund when you actually file the return, and will help reduce the possibility of additional fines and penalties for having not paid the first three quarters in a timely manner.
You can pay on line right now, at https://www.irs.gov/payments/direct-pay Just select the Make A Payment option. Then for reason, select Estimated Tax, Then apply payment to 1040-ES, and make sure you identify it in the third field for tax year 2016. Then work it on through. Remember, you'll be paying what you estimate will be your tax liability for the entire year, since you've not paid any estimated taxes at all thus far. By over paying the amount, you will assure yourself of a refund when you file the 2016 tax return and get it done before the Apr 15th filing deadline.