3692524
You'll need to sign in or create an account to connect with an expert.
You do not prepare or file quarterly tax returns. You file one tax return next year at tax time. If you are an independent contractor you may want to make estimated quarterly payments---but you can do that on the IRS site--you do not file an actual return.
https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212
https://turbotax.intuit.com/tax-tools/calculators/self-employed/
https://www.calcxml.com/calculators/self-employment-tax-calculator (non-TT site)
Quarterly Estimates.
You should make estimated tax payments for the current tax 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. (110% if your AGI was more than $150K) . Your prior year tax return must cover all 12 months.
TurboTax (TT) can prepare the quarterly payment vouchers. In your 2024 software, enter at:
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
On the next screen answer No to the W-4 question
If your goal is just to avoid the underpayment penalty, then paying 100% of the prior year tax liability is the “safe haven”
Or you can obtain blank IRS Form 1040-ES from the IRS. The form and instructions are at this link: https://www.irs.gov/pub/irs-pdf/f1040es.pdf
You can also pay Federal directly here. Be sure to select 1040ES:
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
waynelandry1
Returning Member
mgc6288
Level 4
kristina-marcelli
New Member
gborn
Level 2
joe-kyrox
New Member