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February 21, 2020
Question

1099 and estimating taxes

  • February 21, 2020
  • 1 reply
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My wife and I are filing jointly and she has a W-2 and a 1099, I have a W-2. How do we determine how much tax we need to pay. Do we pay the estimated taxes based on her 1099 income only or do we pay it based on our entire AGI?

1 reply

February 21, 2020

You should pay estimated taxes based on her 1099-MISC income only. Income on your W-2 is already covered by tax withholdings.

 

Please note that income on 1099-MISC is self-employed income and is subject to both income tax AND self-employment tax (15.3%).

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