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I just started receiving 1099 income for the first time ever in May 2024. Are estimated taxes due on 6-17-24, or can the taxes be paid when I file my 2024 return?
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6/17. If you wait until you file, you will be subject to late payment of estimated tax penalties.
Not only do you owe income taxes, but also about an addition 15% on your net self emplyment income.
One safe harbor you can use -
federal withholding and timely estimated tax payments must be 100% of your 2023 tax. That rises to 110% if your 2023 adjusted gross income was over $150,000.
Another is that federal withholding and timely estimated tax payments must be 90% of your 2024 tax.
With unequal income, withholding, and estimated tax payments, for 2024 you may need to use the form 2210 annualized income installment method on page 3
https://www.irs.gov/pub/irs-pdf/f2210.pdf
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