Starting quarterly payments...help

Forum|Forum|2 years ago
August 30, 2023
5 replies
5 views

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

xmasbaby0

Level 15

No you cannot make quarterly payments through TurboTax. But you can make them directly on the IRS site:

https://www.irs.gov/payments

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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

SuthrnwriterAuthor

Level 2

Thank you!

NCperson

Level 15

@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,,