First time filing. Need help with Quartely payments .

Forum|Forum|1 year ago
November 6, 2024
1 reply
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I'm an independent contractor and this is my first year that I have ever made enough to file taxes. I made the mistake of thinking that I would just pay all at once in April when I file, but I just learned about independent contractors being required to pay quarterly taxes. I did not do this, but I am not sure because this is my first year paying taxes at all. I have no prior forms and such to base anything on and I don't know if I was suppose to pay the quarterly taxes this year or not based on that. I've been doing research, but it's confusing me. Plus I'm having trouble knowing where I need to go after I file.

Not A Product Question

xmasbaby0

Employee

First of all---you are too late to use online TurboTax for a 2023 return. Online is closed for 2023. The only way for you to use TurboTax for a 2023 return is to use the CD/download on a full PC or Mac, and your return can only be filed by mai. E-filing is closed.

You can use any version of the CD/download in order to prepare your Schedule C for business expenses; you get the most help if you use Home and Business.

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

If you live in a state with a state income tax, you might need to make estimated payments to your state.

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

https://ttlc.intuit.com/community/business-taxes/discussion/self-employed-don-t-miss-these-tax-moves/00/3400413

**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.**

Bren66Author

I was not talking about 2023. I am trying to get prepared for 2024.

xmasbaby0

Employee

@Bren66 The software for 2024 will become available in late November/early December. All of the information provided to you above is still pertinent. You have not mentioned how much self-employment income you have received to date, so we do not know if you should have been making quarterly payments during 2024.