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I only earned self-employment income during Q3 this year. How do I calculate the annualized quarterly payment? It is impossible to figure this out.

 
3 Comments
QuickBooks Team

Hello there, @gregblaufuss, You don't have to calculate y...

Hello there, @gregblaufuss,

You don't have to calculate your annual estimate amounts by yourself. QuickBooks Self-Employed calculates these for you and helps you pay them.

To find what your annual estimated payments will be, just click Taxes on the navigation bar, then choose Annual taxes. You'll see your taxable business profit and details about your business expenses, and how they translated into deductions (see annualestimatedtaxes.png)

You can also download a tax summary (PDF) or tax details (XLS) for the year. These files come in very handy when filing your annual taxes or working with an accountant. Here's how:

  1. On the Annual page, click the arrow down next to Email tax details.
  2. Select Download tax details or Download tax summary (see downloadtaxdetailsorsummary.png).

If you've manually paid your estimated taxes using a different program, you can mark it a paid in QuickBooks. Let me show you how:

  1. Go to Transactions.
  2. Click the Add transaction button.
  3. Enter the date, description, and amount.
  4. Select Estimated Taxes for the category.
  5. Click Save.

The payment should show in the Amount Paid column in the Taxes tab. 

Feel free to read through this article: Pay Federal Estimated Quarterly Taxes. This link will help make a payment online in QuickBooks Self-Employed.

Keep me posted if you have additional questions with your taxes and payments, and I'm here to help you out.

Not applicable

I would like to complete the IRS Worksheet 2-7: 2019 Annu...

I would like to complete the IRS Worksheet 2-7: 2019 Annualized Estimated Tax Worksheet so that I can send my 3rd quarter estimated tax.  How do I do this with the software?
QuickBooks Team

Thanks for getting back to me, @gregblaufuss. While Quic...

Thanks for getting back to me, @gregblaufuss.

While QuickBooks Self-Employed can help you submit your Quarterly Tax Payments, it does not handle filing your annual tax return. However, our Tax Bundle includes TurboTax Self-Employed which you can use to self-prepare and file your annual tax return.

If you're not subscribed to the tax bundle, you'll simply run your year-end reports and utilize those when you do your tax return.

To complete the IRS Worksheet 2-7: 2019 Annualized Estimated Tax Worksheet, make sure to review your transaction. The most important reports for your tax file are the Tax Summary, Tax Details,  Receipts, and Mileage Log.

You can add more transactions when necessary to ensure you don't miss an important deduction, income, or other expenses. Our QuickBooks Self-Employed can also help you with this by contacting them through this link: <a rel="nofollow" target="_blank" href="https://community.intuit.com/articles/1763394">https://community.intuit.com/articles/1763394</a>.

Should you need anything else, please let me know. I'd be glad to provide the information you need.

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