Estimated Taxes for Independent Contractor

[dvankat]

In 2016 am earning income both as a salaried employee (with a W2) and as an independent contractor. This is the first year I have earned income as an independent contractor. My withholdings on my W2 have not been adjusted to account for any independent contractor income.  Do I need to pay 2016 estimated taxes on a quarterly basis? If yes, can I do that in TurboTax?

[RichardG · Accepted solution]

It's recommended that you make estimated tax payments during 2016 to avoid an underpayment penalty.  TurboTax can help you calculate the amount you should pay each quarter.  Please type quarterly payments in the search box and Jump to that section of TurboTax.  Skip the question about adjusting your W-4, and the next screen will offer to review your estimated payments.  Select yes and proceed through the interview.