I had a side gig for a few months of this year, and it will now become my main source of income. I guess I need to start filing quarterly payments. Can I just make payments through Turbotax for self employed, and does this cover withholding and social security?
Thank you.
Dion
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No you cannot make quarterly payments through TurboTax. But you can make them directly on the IRS site:
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
When you prepare your next tax return, you will need to use either online Self-Employed or any version of the CD/download. You will be preparing a Schedule C for your business expenses, and your self-employment tax for Social Security and Medicare will be calculated by the software. The amount you paid or pay when you pay your tax due will go toward your SS and Medicare, as well as to your ordinary income tax owed.
Thank you!
https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922
https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax
https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c
https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct
https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
@Suthrnwriter - when you make the payments at the IRS website, be careful to pick the correct option. You are making ESTIMATED PAYMENTS for tax year 2023.
seems so simple but it is easy to mess it up - and then it is a HEADACHE to fix with the IRS later,,
Good to know, thank you!
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