I'm a freelance art director in NYC and have a few questions:
1. I didn't realize we had to pay estimated taxes by certain dates for each quarter, so haven't paid taxes on income I earned earlier this year. I'm planning on making payment by September 15th for all income I earned so far. Will that be ok? or will there be penalty for not making deadlines for each quarter (will they even find out in which months/quarter I received payments from my clients??)
2. Do I need to pay state tax as well?
3. Can Turbotax figure out what I owe??
Hi there. Thank you for participating in today's event. When you go to file your 2023 taxes, if there is a penalty generated due to the timing of your estimated tax payments, I'd walk through the waiver of penalty screens and use the option of annualize your income to spread out how you've received it to see if you can mitigate any underpayment penalties.
For state tax, on your past tax return there should be estimated tax vouchers generated for both federal and state. I'd walk back through your 2022 tax return documents to see if you can find state estimated tax payment vouchers.
You can always click on Add a State in Tax Home after you sign into TurboTax. Then walk through the Estimated Tax area in the State area of TurboTax to determine if you need to make state estimated tax payments.
Looks like the other agent may have beat me to answering your question above.
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