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julia-c-muller
New Member

I am making money in 2019 to be reported on a 1099. My overall income is projected to be less than $32,000. Do I even need to worry about paying estimated taxes on it?

 
3 Replies
Lisa995
Level 12

I am making money in 2019 to be reported on a 1099. My overall income is projected to be less than $32,000. Do I even need to worry about paying estimated taxes on it?

What kind of 1099?  What type of income?
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Vanessa
Level 3

I am making money in 2019 to be reported on a 1099. My overall income is projected to be less than $32,000. Do I even need to worry about paying estimated taxes on it?

Yes!  If you are a 1099 worker, you will be responsible for Self-employment taxes which are 15.3% of your income. You will also need to pay regular taxes on top of the self-employment taxes. If your single, that will be about 12% in addition to the 15.3%.  You will also need to make estimated payments to the state if your state has an income tax. 

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julia-c-muller
New Member

I am making money in 2019 to be reported on a 1099. My overall income is projected to be less than $32,000. Do I even need to worry about paying estimated taxes on it?

Thanks, I've tried to figure it out by doing a estimated tax form and it appears than I don't have to pay... I think I'm going to ask a local tax expert that I can discuss this.
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