No longer self employed...what do I do about quarterly estimated payments?

Forum|Forum|6 years ago
June 5, 2019
1 reply
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I was self employed up until 2 weeks ago... what do I do about quarterly estimated payments? Pay it all this first quarter and then just stop paying them for the following 3 quarters this year? Is there a form I should submit informing that I'm no longer self employed so that they don't get mad when I stop sending quarterly estimated payments? Or do I just split the quarterly estimated payments for this year across the 4 different quarters and then just stop the altogether the following tax year? Or something else? Thanks

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Best answer by MichaelL1

Easy one first, there is nothing you need to notify IRS you are no longer Self-Employed.

OK now the estimated tax payments. You did work as self-employed from Jan-first part of March.

You can pay the first estimate and be done with it, or split it up and pay the first one over 4 quarters. Choice is yours, I like to keep things simple, so if I have the money pay it and be done for the year.

MichaelL1Answer

Employee

Easy one first, there is nothing you need to notify IRS you are no longer Self-Employed.

OK now the estimated tax payments. You did work as self-employed from Jan-first part of March.

taxpayer1234

Hi. What if I am in a similar situation (no longer self-employed) but I have already paid 2 quarterly estimated payments (for April and June) and don't owe anything else. Do I have to continue with the 2 other payments later this year even though I don't anything and am not working? I am under the impression that I am expected to do 4 EVEN payments during the year, and that if I pay unevenly I have to complete extra paper work at tax time and perhaps pay interest on the remaining two unpaid payments. Is the correct?