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I received income where no taxes were taken out. What tax form do I use to send in a payment of the estimated taxes?

 
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Accepted Solutions
DoninGA
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

I received income where no taxes were taken out. What tax form do I use to send in a payment of the estimated taxes?

You can pay 2024 federal estimated taxes directly on this IRS payment website - https://www.irs.gov/payments

View solution in original post

I received income where no taxes were taken out. What tax form do I use to send in a payment of the estimated taxes?

Sounds like self employment income and you should get a 1099NEC?   

You need to fill out schedule C for self employment business income and pay self employment tax in addition to regular income tax on it.  The SE tax is to pay Social Security and Medicare tax that wasn't taken out like on a W2.

 

You use your own name and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all  income is at risk.  After you put in your income and expenses  if your net profit is $400 or more you will pay 15.3% for 2013  Self Employment tax in addition to your regular income tax.  The Schedule SE will be automatically filled out for it.

 

You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to the Premium version.

 

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

Where to enter expenses

https://ttlc.intuit.com/questions/3636848-where-do-i-enter-my-self-employment-business-expenses-like...

 

Here is some IRS reading material……

 

IRS information on Self Employment

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

 

Pulication 334, Tax Guide for Small Business

http://www.irs.gov/pub/irs-pdf/p334.pdf

 

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare (FICA). So you get social security credit for it when you retire.


The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 2 line 4 which goes to 1040 line 23. The SE tax is in addition to your regular income tax on the net profit.

 

So for 1099 income you need to send in quarterly estimated payments or increase W2 withholding to cover the Self Employment tax.  

View solution in original post

2 Replies
DoninGA
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

I received income where no taxes were taken out. What tax form do I use to send in a payment of the estimated taxes?

You can pay 2024 federal estimated taxes directly on this IRS payment website - https://www.irs.gov/payments

I received income where no taxes were taken out. What tax form do I use to send in a payment of the estimated taxes?

Sounds like self employment income and you should get a 1099NEC?   

You need to fill out schedule C for self employment business income and pay self employment tax in addition to regular income tax on it.  The SE tax is to pay Social Security and Medicare tax that wasn't taken out like on a W2.

 

You use your own name and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all  income is at risk.  After you put in your income and expenses  if your net profit is $400 or more you will pay 15.3% for 2013  Self Employment tax in addition to your regular income tax.  The Schedule SE will be automatically filled out for it.

 

You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to the Premium version.

 

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

Where to enter expenses

https://ttlc.intuit.com/questions/3636848-where-do-i-enter-my-self-employment-business-expenses-like...

 

Here is some IRS reading material……

 

IRS information on Self Employment

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

 

Pulication 334, Tax Guide for Small Business

http://www.irs.gov/pub/irs-pdf/p334.pdf

 

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare (FICA). So you get social security credit for it when you retire.


The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 2 line 4 which goes to 1040 line 23. The SE tax is in addition to your regular income tax on the net profit.

 

So for 1099 income you need to send in quarterly estimated payments or increase W2 withholding to cover the Self Employment tax.  

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