Tax filing for new jobs

Hello adesanya!

Turbo Tax can handle the tax preparation of both incomes. You simply enter them into our software with using the forms your received...W-2 and 1099-NEC or 1099-MISC, and it handles the treatment of the income for taxes.

You are able to pay estimated taxes on the income, if there are no withholding directly form your income by the employer. Please use the link to determine when the tax is due. https://www.irs.gov/pub/irs-pdf/f1040es.pdf  (page 3)

I hope this helps!

Hi, Adesanya,

Congratulation on your side business, that's such a big achievement for the new year!!💪

It seems like  OpeA1 answered your question already, that's perfectly great.  If you need more details about how to do it, here's the steps.

For tax year 2021 return, the full time job (assume that you will still receive a w-2) you just report it as you always do, it won't be any change with it.

And for the side business, you didn't mentioned the nature of your business, but most likely you just got yourself self-employed. 

1. If by any chance you'll receive a 1099-NEC, easiest way to enter the information is put "1099-NEC" in the upper right search box and click the JUMP TO link in TurboTax.  And from there you can follow the questions to add in all your income and expenses.

2. If no 1099-NEC or any forms you received, here is the way to report your side business income:

Under My income and expenses, you'll find Self-Employment, when you click in, when it asks "Did you have any self-employment income or expenses?", say yes, and follow all the questions to enter your gross income.  Once you come across with the question "What type of income did you receive for this work? If you received more than one type, we'll enter them one at a time.".  There're two options under common income, choose the 2nd one "Other self-employed income, includes 1099-K, cash, and checks".  Make sure you keep track of all the income.

And unlike w-2 job, self-employment doesn't withhold any federal tax for you, but that doesn't mean you don't have the option to do it by yourself.  And don't wait until the next filing season (Jan-April 2022) to act, since you might find yourself facing some penalty for not withholding enough tax.  Instead, you can prepay IRS the tax quarterly.  Here's a link you can follow the estimate your tax and print the voucher to pay IRS in advance:

https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-next-year-s-federal-estimated-taxes/00/26437

I hope this answers your questions. 😊  If you can offer more information and have more questions, we'll be more than happy to help you out.