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I am now a 1099 employee. How do I start using turbo tax and start doing my quarterly taxes.

 
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Hal_Al
Level 15

I am now a 1099 employee. How do I start using turbo tax and start doing my quarterly taxes.

Although it may be news to you that you “have a business” (and most of the other people who get their first 1099-NEC); The IRS considers anything on a form 1099-NEC to be self employment income. Enter the 1099 income, at 1099-MISC and Other Common income / income from a 1099-NEC . TurboTax (TT) will complete Schedule C  for you and allow you to deduct any expenses associated with this income. You'll also have to pay self employment tax (social security & Medicare) on any profits greater than $432.

 

If you use TurboTax (TT) online, you will have to upgrade to TT Self employed.  Any version of TT, in the download (desktop) versions can produce Schedule C.

 

TurboTax (TT) can prepare the quarterly payment vouchers. In your 2024 software, enter at:

Federal Taxes or Personal (H&B version)

-Other Tax Situations

  -Other Tax Forms

    -Form W-4 and Estimated Taxes - Click the Start or Update button

On the next screen answer No to the W-4 question

 

If your goal is just to avoid the underpayment penalty, then paying 100% of your prior year tax liability is the “safe haven”

 

Or you can obtain  blank IRS Form 1040-ES from the IRS. The form and instructions are at this link:  https://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

You can also pay Federal directly here.  Be sure to select 1040ES:

https://www.irs.gov/Payments

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