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matthewelhard
New Member

W9 and W2 in same filing?

I've recently started driving for Uber/Lyft in my spare time, in addition to my full time day job.  I will end up at the end of the year with a W9 (Uber/Lyft) and a W2 (day job). What Turbo Tax product do I need to do my Uber and day job filings?  


thanks
Matt
1 Best answer

Accepted Solutions
VolvoGirl
Level 15

W9 and W2 in same filing?

The W9 is the form you gave the person/company that pays you.  It is just to give them your ssn or ein if you have one.  At the end of the year if they paid you $600 or more they will give you a 1099Misc.  So you are a W2 employee and a 1099 self employed.   Here is some info for you.

You will need to use the Online Home & Business version to report 1099Misc income.  If you buy the Desktop program you can use a lower version but you will get more help in the higher versions.

You might get a 1099Misc for the income but if you don't you still need to report it.  You need to keep good records and report all your income, even if you don't get a 1099Misc.  You fill out a Schedule C in your personal 1040 tax return and pay Self Employment Tax in addition to regular income tax on it.

Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Pulication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf

Self Employment tax (Scheduled SE) is generated if a person has $400 or more of net profit from self-employment on Schedule C.  You pay 15.3% for SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 57.  The SE tax is in addition to your regular income tax on the net profit.

There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Home & Business return....
http://quickbooks.intuit.com/self-employed


PAYING QUARTERLY ESTIMATES
You must make quarterly estimated tax payments for the current tax year (or next year) if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
 
- 2. You expect your withholding and credits to be less than the smaller of:
    90% of the tax to be shown on your current year’s tax return, or
  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

To prepare estimates for next year you start with your current return, You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

OR Go to….
Federal Taxes or Personal (H&B version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

Here are the blank Estimates and instructions…..
http://www.irs.gov/pub/irs-pdf/f1040es.pdf

The 1040ES quarterly estimates for 2016 are due April 18, June 15, Sept 15 and Jan 15, 2017.  Your state will also have their own estimate forms.  You mail in the estimates with a check or you can do it electronically at the IRS and maybe your state.
 
If you didn't owe or missed making the prior quarterly estimated payments and need to just calculate starting now, you can go though the Estimated Taxes section and just put $1 (one dollar) in for the quarters you missed.  Then it will only figure the current and remaining quarters.

View solution in original post

4 Replies
VolvoGirl
Level 15

W9 and W2 in same filing?

The W9 is the form you gave the person/company that pays you.  It is just to give them your ssn or ein if you have one.  At the end of the year if they paid you $600 or more they will give you a 1099Misc.  So you are a W2 employee and a 1099 self employed.   Here is some info for you.

You will need to use the Online Home & Business version to report 1099Misc income.  If you buy the Desktop program you can use a lower version but you will get more help in the higher versions.

You might get a 1099Misc for the income but if you don't you still need to report it.  You need to keep good records and report all your income, even if you don't get a 1099Misc.  You fill out a Schedule C in your personal 1040 tax return and pay Self Employment Tax in addition to regular income tax on it.

Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Pulication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf

Self Employment tax (Scheduled SE) is generated if a person has $400 or more of net profit from self-employment on Schedule C.  You pay 15.3% for SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 57.  The SE tax is in addition to your regular income tax on the net profit.

There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Home & Business return....
http://quickbooks.intuit.com/self-employed


PAYING QUARTERLY ESTIMATES
You must make quarterly estimated tax payments for the current tax year (or next year) if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
 
- 2. You expect your withholding and credits to be less than the smaller of:
    90% of the tax to be shown on your current year’s tax return, or
  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

To prepare estimates for next year you start with your current return, You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

OR Go to….
Federal Taxes or Personal (H&B version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button

Here are the blank Estimates and instructions…..
http://www.irs.gov/pub/irs-pdf/f1040es.pdf

The 1040ES quarterly estimates for 2016 are due April 18, June 15, Sept 15 and Jan 15, 2017.  Your state will also have their own estimate forms.  You mail in the estimates with a check or you can do it electronically at the IRS and maybe your state.
 
If you didn't owe or missed making the prior quarterly estimated payments and need to just calculate starting now, you can go though the Estimated Taxes section and just put $1 (one dollar) in for the quarters you missed.  Then it will only figure the current and remaining quarters.
VolvoGirl
Level 15

W9 and W2 in same filing?

Tax Tips for Uber, Lyft, Sidecar and other Car Sharing Drivers FAQ
 <a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Tax-Tips-for-Uber--Lyft--Sideca...>
VolvoGirl
Level 15

W9 and W2 in same filing?

Thanks SJ!
morgantho
New Member

W9 and W2 in same filing?

When you are filing individual federal income tax returns, there is only the Form 1040. Since you will have a W2 (salaried employee) and W9 (self employeed (as I understand how Uber/Lyft work)), you need to fill out Form 1040, and using the interview process let Turbo Tax "discover" your two sources of income, question you about them, and fill out the appropriate forms.

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