I'll be getting a 1099-MISC from my sole client.ĭoes the estimated tax from TT H&B consider my SE tax in it's estimates? (I think so since I have entered my SE gross income and expenses in the tax estimation portion of TT 2019 to estimate taxes for 2020.) How is the required 15. I started working as an independent contractor in Mar 2019. Our 401k distributions also w/h Fed and State income taxes. I receive SS income which w/h's Fed Income tax.

Modify tax forms as necessary with the planned changes. Make a copy of your current year's return and save it as a new filename. There is no need to purchase new software. Her employer w/h's Fed Income Tax, FICA and State tax. feature, a simple and effective way to estimate taxes for the following year is to use the current year's return modified with the planned changes. I file jointly with my wife and we always get a Federal refund. (To avoid possible IRS penalties, I've made estimated tax payments on-time throughout 2019.) I've read that as a self-employed independent contractor, making over $400 a year, is required to pay the 15.3% SE tax, yet the tax estimation from TT Home & Business says I don't owe ANY tax, which I assume means that my required SE tax is being covered somehow - maybe, I hope.

Taxcaster estimate