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rebel628
New Member

For 1 of my employers I'm an independent contractor. They don't w/hold income taxes but I do have them take out 15% & send me a quarterly voucher. Where do I enter these

 
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IreneS
Intuit Alumni

For 1 of my employers I'm an independent contractor. They don't w/hold income taxes but I do have them take out 15% & send me a quarterly voucher. Where do I enter these

UPDATED FOR TAX YEAR 2019

 

If the taxes withheld don't appear in Box 4 of your 1099-MISC you can enter the amounts as estimated payments.

 

To report the estimated tax payments, please follow these steps:

  1. Click on FederalDeductions & Credits. 
  2. In the Estimates and Other Taxes Paid section, click on the Start/Update box next to Estimates
  3. On the next screen, click the Start/Revisit box next to the type of tax payment (Federal, State, Local).   
  4. Answer Yes to the question about paying estimated taxes for 2019.
  5. Enter your payment(s) on the next screen, Federal [or state or local] estimated tax payments.  Select the locality from the drop-down list (in the state or local screens) and enter the amount paid in the box. 

 

[Edited | 4/13/2020 |  10:06 am PDT]

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4 Replies
Carl
Level 15

For 1 of my employers I'm an independent contractor. They don't w/hold income taxes but I do have them take out 15% & send me a quarterly voucher. Where do I enter these

Let's cover the technicalities of terminology first, so we're both on the same page. If you are an independent contractor then the person or entity that pays you in that capacity is your client - not your employer per-se. Any and all income earned by you as an independent contractor is considered self-employment income that earned while "in business" for yourself. Those who pay you as an independent contractor are not required to withhold taxes for any taxing authority at all. But they can if they so desire. Either way, you are the one responsible and required to pay taxes on that income to the IRS, and if your state taxes personal income you have to pay taxes on that income to your state too.
Generally, you pay taxes on self-employment income each quarter.
Now, for all self-employment income weather it's reported on a 1099-MISC or not, you will report that under the Business tab in the Business Income & Expenses (SCH C) section of the program.
rebel628
New Member

For 1 of my employers I'm an independent contractor. They don't w/hold income taxes but I do have them take out 15% & send me a quarterly voucher. Where do I enter these

I have reported all income from this client.  yes a 1099-Misc was received.  They give the option of having a % deducted and put into an account.  We receive the vouchers with this amount quarterly.  I just need to know what to do with them.  Do I use them as payment to the IRS and/or is there a place that I enter these into Turbotax?
Carl
Level 15

For 1 of my employers I'm an independent contractor. They don't w/hold income taxes but I do have them take out 15% & send me a quarterly voucher. Where do I enter these

It's ultimately your responsibility to pay your quarterly taxes. If the client didn't send them to the IRS quarterly, then you "may" be assessed an underpayment penalty for not having paid each quarter. You can pay your quarterly taxes online at http;//<a rel="nofollow" target="_blank" href="http://www.irs.gov/payments">www.irs.gov/payments</a>. The sooner you pay, the sooner your penalty stops increasing.
IreneS
Intuit Alumni

For 1 of my employers I'm an independent contractor. They don't w/hold income taxes but I do have them take out 15% &amp; send me a quarterly voucher. Where do I enter these

UPDATED FOR TAX YEAR 2019

 

If the taxes withheld don't appear in Box 4 of your 1099-MISC you can enter the amounts as estimated payments.

 

To report the estimated tax payments, please follow these steps:

  1. Click on FederalDeductions & Credits. 
  2. In the Estimates and Other Taxes Paid section, click on the Start/Update box next to Estimates
  3. On the next screen, click the Start/Revisit box next to the type of tax payment (Federal, State, Local).   
  4. Answer Yes to the question about paying estimated taxes for 2019.
  5. Enter your payment(s) on the next screen, Federal [or state or local] estimated tax payments.  Select the locality from the drop-down list (in the state or local screens) and enter the amount paid in the box. 

 

[Edited | 4/13/2020 |  10:06 am PDT]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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