I’m currently self employed and I want to file quarterly or regularly. I don’t want to pay an enormous lump sum once a year, I’d rather pay over time. I just don’t know how to go a

[nomadicaltruist]

^about doing it?? Any suggestions help!

[VolvoGirl · Accepted solution]

Turbo Tax will calculate the 1040ES estimated payments

https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estim...

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

- 2. You expect your withholding and credits to be less than the smaller of:

    90% of the tax to be shown on your current year’s tax return, or

  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).

How to make the Estimated payments

https://ttlc.intuit.com/community/tax-payments/help/how-do-i-make-estimated-tax-payments/00/25875

Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

The 1040ES quarterly estimates are due April 15, 2020, June 15, Sept 15 and Jan 15, 2021.   The first 2 quarters are not due until July 15 this year.  Your state will also have their own estimate forms.

Or you can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2020 Estimate

[fanfare]

you must pay estimated tax or you will be liable for the "penalty for not paying estimated tax"