I'll be working in 2018 as a consultant (making the same I was previously as a W2 employee). Is there a product TurboTax sells to help me prepare my estimate payments?

[paulA2]

I assume I can just use the same Federal number I was paying, plus double the SS and Medicare numbers (since I'm self employed).   Is that a good enough estimator to get by?

[DanO · Accepted solution]

TurboTax Self-Employed Online would be a good choice.

You would want to get yourself set up as a self-employed probably as sole-proprietor to start and since you don't have any employees you can use your social security number, or you could apply for an EIN if you so desire, but don't use the EIN of the employer that was paying your W-2 wages.

Since you have a good idea of what you'll be making then estimating the SS and Medicare by doubling it would be fine. You will actually pay a little less, because you can deduct half of the deductible part or SE or one quarter of the entire amount from your total income on Form 1040.  You can also estimate your quarterly tax payments.

[paulA2]

Thanks TurboTaxDanO.  The problem with TurboTax Self-Employed Online is, I already use it (just finished using it for my 2017 taxes) and I can't find anywhere in there for me to use it for 2018 (of course I'd pay, I just don't see an option specifically for working on future events).  Maybe I'm missing a link.

[DanO]

You can find estimated tax payments under Other Tax Situations on the top bar after signing in, to give you an idea.
I don't see a place for estimated SE, but it is taxed at 15.3% SE tax on 92.35% of your net profit greater then $400.