real estate agents who dont have income yet, quarterly filing?

Forum|Forum|3 years ago
September 28, 2022
1 reply
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I started as an agent affiliated with a company on Dec 15 2021 and have not had any income yet. Do I have to file quarterly even if no income?

kdevere

Hi - Generally, if you determine you need to make estimated tax payments for estimated income tax and estimated self-employment tax, you can make quarterly estimated tax payments or pay all of the amount due on the first quarterly payment due date. However, if there is no income earned in that quarter, then you would not need to make any payments. The quarterly filing is in fact a payment that is made to the IRS based on taxes that will be due for that quarter. Since you haven't earned any income in the quarter you would not need to take any action. If you have a quarter where you earn income, you would go ahead and estimate tax due and make a payment to your IRS account.

You can also use the software to help with estimated tax payments in the event you begin to earn income for your self-employed gig.

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