I have a contract job I will be getting a 1099. I have not done any tax planning for entire year, or anything yet for this year. how do I get started now So I am not surprised with fines next year
Great question and yes you can use Turbotax now to do an estimate of your taxes!
If you used Turbotax the previous year, it will automatically calculate your 2023 estimated tax payments and prepare vouchers:
When you prepare your 2022 return, we'll automatically calculate your 2023 estimated tax payments and prepare 1040-ES vouchers if we think you may be at risk for an underpayment penalty next year.
You can also calculate your 2023 estimated taxes and generate the payment vouchers by doing this:
- With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link
- Answer No to the question Do you want to change your W-4 withholdings for 2023?
- Answer the questions about things like your 2023 filing status, income, and deductions
- Eventually, you'll come to the Print Vouchers? screen. Answer Yes and we'll include your 2023 1040-ES payment vouchers when you print a copy of your return later
If you did not use Turbotax last year or became a 1099 contractor in 2023, you can use the Self Employment tax calculator to estimate your self employment tax and eliminate any surprises:
Hope this helps!
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Thank you for reply. I will start to work with the self employed site,
started as a contractor in January 2023, 100% percent 1099. If I had not paid any Taxes yet or SS will I be fined. Is there any way to get around that?
I see the next quarterly estimated tax date is September 15.
Does the tool help with SS payments I might have to send it .
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