Filing taxes as 1099 employee

[jmhayes93]

I'm trying to file my taxes as a 1099 employee, which I know you need to do quarterly. Does Intuit support this function? I've only filed as an FT/W2 employee every Spring, but since you have to file quarterly as 1099, I'm curious if Intuit fits these needs to file quarterly.

Are there any resources or companies folks have used in the past to help them file as a 1099?

[xmasbaby0]

There are over a dozen kinds of 1099's.  Do you mean you will have a 1099NEC?  If that is what you have, you are not an employee.  You are self-employed and you have a client(s).   You will be paying self-employment tax for Social Security and Medicare, and you will need to prepare a Schedule C for your business expenses.  You do not file quarterly tax returns, but you might need to pay estimated quarterly tax payments.

If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare,  you will need to use online Premium software or any version of the desktop software 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

If you live in a state with a state income tax, you might need to make estimated payments to your state.

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

https://ttlc.intuit.com/community/business-taxes/discussion/self-employed-don-t-miss-these-tax-moves...

[jmhayes93]

Who knew there were over a dozen types of 1099s! I am definitely self-employed (I'm consulting for this company).

• I'm not sure about the 1099 NEC, is that a form the employer releases?
• This piece > "You will be paying self-employment tax for Social Security and Medicare" > is this something I can do thru TurboTax?
• If I don't need to file quarterly, it sounds like I can just file in the Spring and report all my consulting income then?

I appreciate your help on this topic. I'm consulting for a start-up that is not knowledgeable about this topic. 

[xmasbaby0]

.If they paid you at least $600 they are required to issue a 1099NEC to you as an independent contractor.  Since you are not a W-2 employee, there has been no SS or Medicare, or tax withheld from your pay----so when you prepare your tax return, that money is subject to self-employment tax.   You will prepare a Schedule C and then there will also be a Schedule SE (self-employment form) --the software will calculate your self-employment tax and you will pay it when you file your tax return (or it will be reconciled against any other tax that was withheld from your other income).   

Please spend some time clicking on the links already provided to you and read what they say.