You'll need to sign in or create an account to connect with an expert.
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:
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
markl128
Returning Member
Questioner23
Level 1
user17524159637
Level 1
in [Event] Ask the Experts: Investments: Stocks, Crypto, & More
user17525940873
New Member
doug-sue98
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.