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I started 1099 work in May '19, but was employed the first 3 months of '19. For my Quarterly taxes, do they need me to include the W2 income in my "Tax profile"?

My prior employer has always withheld for tax purposes.  I'm just not sure if I then need to include W2 income in the "Tax profile" for my quarterly tax payments.  If so, do they need W2 gross income or net income?
3 Comments
QuickBooks Team

Re: I started 1099 work in May '19, but was employed the first 3 months of '19. For my Quarterly ...

I'll provide some clarifications about your tax concerns, @SA08

 

Yes, you'll need to include your W2 income in the Tax profile for your quarterly tax payments. Then, use the net income provided by your prior employer. Please take note not to include your self-employed income in the Your annual W2 income field. See the screenshot below for your reference. 

W2Income.PNG

 

Here are the three main things on how your estimated taxes are calculated:

  • Self-employment income and deductions
  • Projections for the current year
  • Tax bracket and tax profile

To learn more about each factor, see this article: How We Calculate Estimated Tax Payments

 

Check out this helpful article: Pay Federal Estimated Quarterly Taxes. This link provides detailed steps on how to pay your returns via mail or online. 

 

Just drop me a line below if there's anything else you need. I'll gladly help. 

Not applicable

Re: I started 1099 work in May '19, but was employed the first 3 months of '19. For my Quarterly ...

Thanks for the quick answer!

 

One thing I don't understand: why do the quarterly taxes for my current business need to take into account a former employed position that withholds?

QuickBooks Team

Re: I started 1099 work in May '19, but was employed the first 3 months of '19. For my Quarterly ...

Hi there, SA08.

 

Let me share article about filing taxes for Self-Employed individuals with W-2 income. Please check this out: How to file taxes when you have both 1099 and W-2 Income.

 

You may also reach out to an accountant or to IRS, so they can guide you with your tax reporting.

 

You can always visit us back if you need help with setting up your taxes based on their instructions.

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