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Lmost ready to file my 2018, but your program indicates that I need to pay quarterly estimates for 2019 @ 2,325 each. Why

 
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Ashby
New Member

Lmost ready to file my 2018, but your program indicates that I need to pay quarterly estimates for 2019 @ 2,325 each. Why

I see you are self-employed. If you are self-employed and have a tax liability, TurboTax will calculate estimated tax vouchers. The US tax system is supposed to be "pay-as-you-go", so if you are not withholding taxes from a paycheck, you are supposed to pay in quarterly. If you do not, you are subject to an underpayment penalty when you file taxes.

See full article on estimated taxes:

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-p...

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1 Reply
Ashby
New Member

Lmost ready to file my 2018, but your program indicates that I need to pay quarterly estimates for 2019 @ 2,325 each. Why

I see you are self-employed. If you are self-employed and have a tax liability, TurboTax will calculate estimated tax vouchers. The US tax system is supposed to be "pay-as-you-go", so if you are not withholding taxes from a paycheck, you are supposed to pay in quarterly. If you do not, you are subject to an underpayment penalty when you file taxes.

See full article on estimated taxes:

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-p...

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