Question

Prepayment Coupon

Forum|Forum|6 years ago
March 30, 2020
1 reply
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self-employed question - For 2019 I was a 1099 contractor as an Insurance adjuster and stopped that job dec 31, 2019 - then started a new job feb 2020 as a 1099 for sales in construction. Can I tell the software and the IRS that I no longer have that job, so that I don’t have to make the prepayment coupon payments as I am not making that much money.

TurboTax Home & Biz Windows

KathrynG3

It depends. While there is no way to identify the end of one job before the next year when that income source is deleted, your estimates can be modified.

You can adjust the estimates to fit your current situation more accurately by going to the third tab from the left, Other Tax Situations.

To revisit the estimated tax payment section follow these steps:

Form the left menu, select Federal
Select Other Tax Situations, third tab from the left
Scroll down when all uncommon situations are opened to Other Tax Forms and click Show More
Select Form W-4 and Estimated Taxes and click Start
- Adjust how much tax you pay if you wish
- Review your estimates? Click Yes
- Select Your 2020 Filing Status and click Continue
- Enter your 2020 Age and click Continue
- Enter any dependent information for 2020 and click Continue
- Enter your income, credit and deduction details as prompted
- Then, an estimated tax liability will be calculated and you will come to the Enter Payments You Expect to Make screen and follow the prompts.

The rule to prevent penalty assessment for taxpayers whose filing status is married filing jointly with AGI of $150,000 or less (single with AGI of $75,000 or less) is:

Taxes must be paid through the current year to equal the lower of either

100% of the prior year OR
90% of the current year

The rule to prevent penalty assessment for taxpayers whose filing status is married filing jointly with AGI of $150,000 or more (single with AGI of $75,000 or more) is:

Taxes must be paid through the current year to equal the lower of either