1099 Independent Contractor

Forum|Forum|1 year ago
August 28, 2024
1 reply
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Hi! I just started as Independent Contractor June 1st. Can I use TurboTax to file quarterly taxes? I am married & wondering how I file taxes for my husband plus I will still have W2 for part of the year. Are these taxes filed separately as normal? Thanks!

xmasbaby0

Employee

You do not "file" quarterly tax returns. You file one yearly tax return on a Form 1040 next year after tax year 2024 is over. You *might* want to make estimated quarterly payments to the IRS, but you will not do that through TurboTax. You can do that directly with the IRS.

https://www.irs.gov/payments

You will still be able to file a joint return with your spouse and include your self-employment income with any other income the two of you received---all on the same Form 1040.

If you have self-employment income for which you will pay self-employment tax for Social Security and Medicare, you will need to use online Premium software or any version of the CD/download so that you can prepare a Schedule C for your business expenses.

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-nec/1099-nec/L5qTsBiSe_US_en_US

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

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://blog.turbotax.intuit.com/self-employed/self-employed-tax-deductions-

calculator-2021-2022-50907/

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/

**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.**

rahmefamilyAuthor

Thank you so much for the information. So to clarify, when I pay estimated quarterly payments to the IRS I am basically just banking an estimate of what I owe but not technically "filing my taxes." I will still file my taxes at the end of the year with expenses, etc along with my husband. Does that sound right?

xmasbaby0

Employee

That is correct---paying estimated quarterly taxes is not the same as filing a tax return. When you file your tax return next year, it will be on a Form 1040. You will prepare a Schedule C to enter your business expenses like mileage, etc. etc. Post back to the user forum if you need help when 2024 software becomes available and you are actually working on the tax return. You will not actually file a 2024 tax return until 2025.