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Pay federal estimated quarterly taxes in QuickBooks Self-Employed

by Intuit•4• Updated 2 years ago

Learn how to make federal estimated tax payments each quarter.

If you're self-employed, you need to pay self-employment taxes. QuickBooks Self-Employed calculates your federal estimated quarterly tax payments so you know what to pay each quarter.

When it's time to make a tax payment, you have a few options. Here's how to pay your federal estimated taxes each quarter.

Step 1: Learn when federal estimated quarterly tax payments are due

Refer to the IRS website for official dates. You should also check if your state requires estimated quarterly tax payments.

Step 2: Find out what you need to pay

Here's how to get your payment estimates from QuickBooks Self-Employed.

Step 3: Make a federal estimated quarterly tax payment

Follow the steps for the method you want to use. Whether you pay by mail or online, QuickBooks Self-Employed sets up your info for the upcoming quarter. Important: If you need to make a late payment, follow these steps from the IRS.

If you pay by mail, send your payment and estimated payment form (1040-ES voucher) together. You can complete this form in QuickBooks Self-Employed:

  1. In QuickBooks Self-Employed, go to the Taxes menu.
  2. Select the Quarterly Taxes tab.
  3. Select Pay Now.
  4. Select the By mail option.
  5. Fill out the 1040-ES payment voucher. Then select Continue.
  6. Print your voucher.

The printed voucher tells you how to fill out your forms, check, and which IRS office to mail it to. Your check and voucher must be postmarked by the quarterly due date.

Step 1: Set up an EFTPS account

Sign up for an Electronic Federal Tax Payment System account:

  1. Learn about basic enrollment requirements.
  2. Go to the EFTPS website.
  3. Select Enroll.
  4. Follow the steps to enroll as an individual.

The IRS will send your PIN and enrollment number by US mail. You need this info to sign in and make payments.

Step 2: Make a tax payment

Once you have your PIN and enrollment number, you can make online payments.

If you don't have the Tax Bundle

You can pay the IRS directly from the Electronic Federal Tax Payment System website. Visit the EFTPS website and select Make a payment. Then follow the steps to make a payment.

If you have the Tax Bundle

If you have the Tax Bundle, you can make payments on the EFTPS website or pay right from QuickBooks Self-Employed. Follow these steps in a web browser, not the mobile app:

  1. In QuickBooks Self-Employed, go to the Taxes menu.
  2. Select the Quarterly Taxes tab.
  3. Select Pay Now.
  4. Select the Online option.
  5. Enter your EFTPS info and PIN.
  6. Select the current amount or enter a specific amount.
  7. Follow the on-screen steps to finish the payment.

QuickBooks sends the payment to the EFTPS immediately after you submit it. It can take 5-7 days for your payment to show up in your payment history on the EFTPS website.

If the bank account you paid from is connected to online banking, you can check the status in QuickBooks. It may take 2 - 3 days to show up depending on your bank.

  1. Go to the Taxes menu
  2. Select the Quarterly Taxes tab.
  3. Select the quarter you made the payment for.
  4. Look for the payment.

If you don't see a pending or completed payment after 3 days, don't worry. Make sure you assigned the payment to the correct quarter.

  1. Select the Taxes menu.
  2. Select the Quarterly Taxes tab.
  3. Select the quarter you paid for.
  4. Select the Find your estimated tax payments link.
  5. Look for the tax payment. If you see it, select the checkbox for it.
  6. When you're ready, select Mark as tax payment.

Step 4: Record the tax payment in QuickBooks Self-Employed

If the account you paid from is connected to online banking, you don't need to enter anything manually. All you need to do is categorize it as a tax payment when it downloads.

If you paid with an account that's not connected to online banking, or you paid by mail, manually record the payment:

  1. Go to the Transactions menu.
  2. Select Add transaction.
  3. Enter "(Date and fiscal year) quarterly federal tax payment" in the description field.
  4. Enter the amount and the date you made the payment.
  5. Select Select a category, then Taxes, and then Estimated Taxes.
  6. When you're done, select Save.
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