Quarterly Filing

Forum|Forum|1 year ago
August 28, 2024
1 reply
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My wife and I file married filing jointly. I have a full-time job with a W2. My wife has a part time job with a W-2, but in 2023, she took on a small side gig. She got a 1099-MISC and when I did our taxes, we of course put this as part of our overall income. Since she did not have normal payroll taxes taken out, we ended up having to pay a small amount of federal income taxes when we filed. To offset this, in April, I started taking out more taxes every pay period so in the end, we will not have to pay anything when we file. In fact, we should get back some as I normally always would.

Do we have to pay something quarterly? We have never had to do this? If I do, all it is going to lead to in the end is I will be due much more money when I file my 2024 tax return.

marctu

I want to commend you on going ahead and doing the math to see what your current tax position. Pre-planning is super important when you are earning money when self-employed. If your self-employed net income is not significant, I often advise clients to adjust their Form W-4, which you already did. So, if your calculations are showing that you are well withheld go with that. So since you have calculated that even with the self-employed income you both will still be getting a refund there is nothing else to do.

Thank you for your question and kudos on a job well done in planning ahead.

Thank you so much for your question

Be well and safe!

Marc T.

Turbo Tax Expert

27 Years of Experience Helping Clients

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