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carchey79
Level 2

Estimating quarterly taxes?

I earn income from both a W2 and 1099 sources. The 1099 income did not start until May. Quickbooks Self-Employed is saying my Q2 estimated taxes due June 15th, the amount is more than I made in May and I have not received 1099 income yet. See attached screen shot of the Self Employed Quarterly Estimates screen. I've removed the estimated amounts.

And I don't understand the "Quarterly" date ranges. Q1 Jan - March, Q2 Apr - May, Q3 Jun-Aug, Q4 Sept - Dec. 

Are these software errors?

How do I calculate quarterly taxes?

 

Solved
Best answer June 13, 2021

Best Answers
Charies_M
Moderator

Estimating quarterly taxes?

Hello there, carchey79.

 

To help you review the reports for the estimated tax amount, I suggest reaching out to our Support Team. They have extra tools that can help check your account securely and be able to help you further.

 

You can reach them by following the steps below:

  1. From the Assistant tab, type or say Talk to a human.
  2. If you want to connect with us directly, type or say Talk to a human.
  3. Then select your preferred support method: Message an agent (Live chat), Call an agent or Get a callback.

The details on how to get in touch with the support are outlined in this article: How to contact QuickBooks Self-Employed Support.

 

If you need additional references for future tasks, you can check out these helpful links: 

Be sure to get back to me if you have other concerns. I'm here to assist you further. Wishing you well.

View solution in original post

8 Comments 8
ReymondO
QuickBooks Team

Estimating quarterly taxes?

Thank you for posting your concern in the QuickBooks Community and adding a screenshot, @carchey79.

 

I'd be glad to shed a light on how QuickBooks Self-Employed (QBSE) estimates your federal quarterly tax payments.

 

The program calculates your self-employed taxes based on your self-employed income, deductions, predicted future income for the year, and tax profile. It constantly updates your estimates based on what you enter to give you accurate estimates.

 

Since QBSE tracks your income and expenses, it calculates what you need to pay each quarter. Therefore, it's important to add all of your business income and expenses and categorize them in QuickBooks.

 

In addition, it only calculates federal estimated quarterly taxes. It doesn't calculate other types of taxes, such as: 

 

 

If you need help in calculating your quarterly taxes, I'd recommend working with an accountant to make sure everything is accurate. Or else, you can manually do it yourself in TurboTax.

 

To see how much you need to pay each quarter, here's how to get your tax info from QBSE. When you're ready, here's how to make estimated quarterly tax payments.

 

For more details, you can check out this article for complete guidelines: How QuickBooks Self-Employed tracks self-employment taxes.

 

Let me know if you need further assistance with this. I'm always around to provide answers and clarifications to your questions. Have a great day ahead and take care.

carchey79
Level 2

Estimating quarterly taxes?

Thank you. I understand what you are saying and is logical but does not match what I'm seeing or what I'd expect. Why does it have a $10k+ quarterly tax bill when my self employed income, looking at the tax summary report, is under $2k? It just can't be right. 

LieraMarie_A
QuickBooks Team

Estimating quarterly taxes?

Hi there, @carchey79. I'm here to make sure your estimated quarterly taxes are calculating correctly.

 

I'd suggest downloading the Tax Details worksheet. Doing this allows you to review your Business Summary by Quarter report.

  1. Click the Reports menu.
  2. Go to Tax details.
  3. Click Download.

 

Open the downloaded file and select the Quarterly Breakdown sheet.

 

If it isn't calculating properly, I'd suggest reaching out to our Customer Care Team support. This way, they can take a closer look at your situation and investigate this further.

 

Here's how:

  1. In QuickBooks, go to Assistant.
  2. Type in "Talk to a human," then press Enter.
  3. Enter a short description of your concern, like "account status" or "manage account."
  4. Click I still need a human.
  5. Choose either Message an agent or Get a callback.
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Let me add these resources to learn more about handling your taxes in QBSE:

 

I've also added this helpful article that will provide answers from FAQs when using QuickBooks Self-Employed. Please head to the QuickBooks Self-Employed Overview page

 

Fill me in if you have other questions you'd like to add. I'm always here to help.

carchey79
Level 2

Estimating quarterly taxes?

Thank you for your assistance. I've looked and the Tax Details in the downloaded file and specifically at the quarterly breakdown. It looks like all the correct income, spending and deductions are there. Should I see a section for the estimated taxes for each quarter? I don't. 

Maybelle_S
QuickBooks Team

Estimating quarterly taxes?

Hello there, @carchey79.

 

Let me help you get the quarterly tax information of your estimated taxes in QuickBooks Self-Employed (QBSE).

 

Here's how:

 

1. Go to the Taxes menu.

2. Select the Quarterly tab.

3. Click the quarter you need estimates for.

 

QuickBooks summarizes the estimated amount and due date here. It updates these calculations each time you categorize income and expense transactions.

 

As you enter more data each quarter, QuickBooks can make better estimates. Please read this article for more information: How QuickBooks Self-Employed Tracks Self-Employment Taxes.

 

Please know that you can count on me if you need anything else. Keep safe!

carchey79
Level 2

Estimating quarterly taxes?

Thank you, I can get the quarterly tax amount. It says I owe $10k+ on income of less than $2k which I received in May. See the issue?

Charies_M
Moderator

Estimating quarterly taxes?

Hello there, carchey79.

 

To help you review the reports for the estimated tax amount, I suggest reaching out to our Support Team. They have extra tools that can help check your account securely and be able to help you further.

 

You can reach them by following the steps below:

  1. From the Assistant tab, type or say Talk to a human.
  2. If you want to connect with us directly, type or say Talk to a human.
  3. Then select your preferred support method: Message an agent (Live chat), Call an agent or Get a callback.

The details on how to get in touch with the support are outlined in this article: How to contact QuickBooks Self-Employed Support.

 

If you need additional references for future tasks, you can check out these helpful links: 

Be sure to get back to me if you have other concerns. I'm here to assist you further. Wishing you well.

View solution in original post

carchey79
Level 2

Estimating quarterly taxes?

Thank you all for your contributions. What I learned is the estimates are based on what I made last year, even though I did not have any 1099 income until May. The IRS allows for one quarter late payment within a calendar year without any late fees or other penalties. So I'll be paying it late.

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