My 2nd job has me on a 1099. And i am on a W2 with my full time job. And this is my first year with a 1099.
2007-04-12 02:55:59 · 3 answers · asked by CAR 2 in Business & Finance ➔ Taxes ➔ United States
I believe the answer depends on the amount of the income on the 1099, and the amount of taxes paid on the W-2. If you have a tax preparer, check with him/her. There is an IRS publication with info on estimated taxes. Go to the IRS site and use their search engine for "estimated taxes".
2007-04-12 03:05:19 · answer #1 · answered by ~RedBird~ 7 · 0⤊ 1⤋
If you make more than a few hundred dollars on the 1099, you should file quarterly estimated returns - otherwise you risk having a big tax bill at the end of the year, and paying penalties for underwithholding.
2007-04-12 12:55:38 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Do you have to pay estimated taxes? Sorry, but the answer is "maybe". As with all things run by the government, the Estimated Tax thing is a lot more confusing that it needs to be. I have included a couple of links that you may need to explore. Good luck!
2007-04-12 10:02:31 · answer #3 · answered by Peter D 7 · 0⤊ 0⤋