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Level 2
posted Aug 22, 2019 8:34:24 AM

I usually file with W2's, but will have 1099's this year. Do I set the money aside and pay when I file? Or do i pay the estimated taxes as I go?

0 3 707
3 Replies
Not applicable
Aug 22, 2019 9:11:29 AM

pay as you go.  not only will you owe income taxes but also self-employment taxes.   generally estimates for 2019 need to be paid 1.4 on each of these dates 4/16, 6/15, 9/15 and 1/15/2020

 

if you had no income the first quarter ending 3/31/19 than 50% would be due 6/15 and and 25% each 9/15 and 1/15/2020

 

if no income thru 5/311/19 then 75% 9/15 and 25% 1/15/2020

 

failure to timely  pay estimated taxes will result in penalties

 

since you have no withholding, to avoid penalties  your estimated tax payments must be 90% of 2019 tax or 100% (sometimes 110%)  of 2018 tax,  whichever is smaller.  

 

 

TT has a website Taxcaster for estimating 2019 taxes including self employment tax 

Level 2
Aug 22, 2019 6:22:48 PM

Ug im sorry, i will also have 1099 this year, along with W2.  How do i know how much to pay to state and how much to federal? Is it a percentage?

Level 15
Aug 22, 2019 8:59:13 PM