This is my first year being self-employed as an independent contractor; started my job Jan. 1, 2017. Worked half year in 2016 with a W-2. Also, wife is W-2 employed and continues to be W-2 employed.
I expect to make around $33-34K this year total and want to make quarterly payments to avoid penalties and interest, but there doesn't seem to be a way to calculate this on the 1040-ES.
Thank you for your responses.
Turbotax will walk the process of estimating your taxes for 2017. Follow the steps below:
You can print next year's estimated tax vouchers (Form 1040-ES) in your 2016 program:
- Open your 2016 return in TurboTax.
- Search for 1040-es (exact phrase) in your program's search box, located in the upper right corner.
- Click the Jump to 1040-es link in the search results.
- Answer No to the W-4 withholding question to start the estimated payment calculations interview.
- You'll be asked a series of questions about your 2017 income. Answer them as best you can.