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kyaraella
New Member

Estimated Tax Payment Form - Married Filing Jointly - One Spouse Employed, the other Self-Employed via LLC

We will be married in October, so filing jointly for the first time for tax year 2024. I am employed full-time, but he has started a single-member LLC in 2024. So this is also the first time we've ever had to deal with self-employment taxes. We only have 5-weeks of data from the income but I'm attempting to fill out the estimated tax payments form 1040ES. 

 

I noted on a different post that it doesn't matter where the tax payments are coming from, estimated payments or withholdings, but I wanted to clarify whether it matters that there is an LLC?

 

  1. Can I withhold more money from my paycheck on his LLC's behalf, or does the payment need to come from his LLC?
  2. If the answer to #1 is no, should the payment be made from his LLC's EIN, or SSN? 
  3. When filling out the Estimated Tax Worksheet, should it be filled out only for his LLC's estimated earnings and expenses, or should I be filling it out looking at my income as well? And if so, do I somehow factor in the withholdings that are already being paid on my behalf?

Thank you!

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1 Reply

Estimated Tax Payment Form - Married Filing Jointly - One Spouse Employed, the other Self-Employed via LLC

The sole proprietor business is a disregarded entity for your tax return.   It does not matter that there is an LLC if your fiancé is the sole proprietor of the business. 

 

When you prepare your 2024 joint return, ALL of your combined income for the year 2024 will go on the same Form 1040, including the income from the business and including the business expenses, which will go on a Schedule C.   You will use your Social Security numbers on your joint tax return.

 

If you want to have more tax withheld from your own paychecks, you can do that.    Or your fiancee can start making estimated payments to the IRS.   

 

Your spouse  will have self-employment income for which he will pay self-employment tax for Social Security and Medicare.   You will need to use online Premium software or any version of the CD/download so that you can prepare a Schedule C for your business expenses.

 

 

 

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

 

 

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_U...

 

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

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/1901340-where-do-i-enter-schedule-c

 

 

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

 

 

https://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-

calculator-2021-2022-50907/

 

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

 

 

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
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