I have a side job (in addition to a W2 job) that pays me about $600 a month. The side job does not withhold any taxes. I am married filing jointly with a partner who only has W2 income. We paid a penalty at the regular 2022 filing date because no estimated taxes had been paid before that.
What would be the schedule and process to pay estimated taxes for this hybrid situation?
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The IRS has a great Tax Withholding Estimator that is simple and easy to use; just fill out the questions and the program will let you know your anticipated liability or refund based upon your current level of withholding and the estimated tax payments you have made so far. It covers situations like multiple jobs, employment and self-employment, investment income, etc.
You can find the tax withholding estimator here: https://apps.irs.gov/app/tax-withholding-estimator
Here is a link that explains a little bit more about the tax withholding estimator tool: https://www.irs.gov/individuals/tax-withholding-estimator
Please be sure to have your most recent paystubs, plus any other necessary records to determine your total expected income for the year. It is also helpful to have a copy of the past year's tax return handy, so you can refer to it to determine which credits/deductions you took in the past.
The IRS has a great Tax Withholding Estimator that is simple and easy to use; just fill out the questions and the program will let you know your anticipated liability or refund based upon your current level of withholding and the estimated tax payments you have made so far. It covers situations like multiple jobs, employment and self-employment, investment income, etc.
You can find the tax withholding estimator here: https://apps.irs.gov/app/tax-withholding-estimator
Here is a link that explains a little bit more about the tax withholding estimator tool: https://www.irs.gov/individuals/tax-withholding-estimator
Please be sure to have your most recent paystubs, plus any other necessary records to determine your total expected income for the year. It is also helpful to have a copy of the past year's tax return handy, so you can refer to it to determine which credits/deductions you took in the past.
Hi @chadster415
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You will need an IRS Online account to easily pay your estimated taxes for 2023, you can also pay by phone or using the IRS2GO app.
Your Online Account | Internal Revenue Service
Here is a link from the IRS explaining estimated taxes:
Here is link to estimate your 2023 income and withholding:
https://turbotax.intuit.com/tax-tools/
Hope these tools are useful and please reach out if you have additional questions.
Thanks for using TurboTax Live,
Bonnie
TTLive, Quality Reviewer Tax Expert
Hi, I forgot to mention the process by which you'd pay the estimated tax; once you determine the amount of your projected liability given your current earnings/expected earnings and withholding so far, you can make your estimated tax payments online here: https://www.irs.gov/payments/direct-pay.
For the reason, just select estimated tax, apply payment to 1040ES, tax period for payment is 2023 (or whatever year you're paying for).
The deadline for estimated tax payments to be considered timely for 2023 are as follows:
1st quarter: 4/18/23
2nd quarter: 6/15/23
3rd quarter: 9/15/23
4th quarter: 1/16/2024
If you file your 2023 return by 1/31/2024, you don't need to make the 4th quarter estimated payment.
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