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1099 tax question - file Jan 15?

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  • 1099 tax question - file Jan 15?

    Hi all, this is a newbie question:

    My spouse has had small independent contractor gigs amounting to ~$2000 from Jan to Sep 2020. Then, a new gig added ~$5000 to her income from Oct to Dec 2020.

    We have not paid any taxes on this income yet. Can it all be done in April 2021 when we file jointly? Or should we pay a quarterly amount in Jan 2021? Are there penalties?

    We are currently seeking a CPA, but this is taking time and I’m posting here in case I should make a payment in Jan 2021.

    Thanks in advance!

  • #2
    do you have W2 jobs?

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    • #3
      Not enough info about this year+last year's tax situations. Need to know earnings (and type), total tax liability for 2019, withholding ytd this yr.

      fwiw, with such a small amt of SE income, i wouldn't sweat calculating a Jan estimate. Or just withhold another $1,500 from final paycheck. Also, we delete any calculated penalty that is under $100 without incidence.
      Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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      • #4
        Hey sorry for the lack of info (I said I was a newbie!)

        I'm W2 with ~500k income, spouse has no W2 income. We filed jointly married for 2019 and plan on doing the same for 2020.

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        • #5
          then this small amount is likely inconsequential but if you want to go through the exercise you determine your tax payment safe harbor number, then simply make sure you have this much withheld from your W2 pay by 12/31. As long as you do that, no penalty

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          • #6
            Will do! Thanks!

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