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    dhlee
    New Member

  • dhlee
    replied
    Originally posted by jacoavlu View Post

    refund amount simply means you overpaid your tax bill.

    what was your 2019 tax. Probably, form 1040 line 24
    Thank you. My total tax was ~$1000 from which $5000 was already deducted, leading to quite a bit of refund last year.

    After manually doing Schedule C, 1040 ES, SE, I now understand what I the QB numbers are telling me. It was really confusing but now makes more sense. Thank you for asking me the right questions!

    Leave a comment:

  • jacoavlu
    Physician

  • jacoavlu
    replied
    Originally posted by dhlee View Post

    Hello! For 2019 1040 I got a refund of ~$4500. For 2020, my federal withholding YTD at December was $2600.
    refund amount simply means you overpaid your tax bill.

    what was your 2019 tax. Probably, form 1040 line 24

    Leave a comment:

  • jacoavlu
    Physician

  • jacoavlu
    replied
    Originally posted by dhlee View Post
    Hello!
    I was wondering if anyone could help me with this initial big picture..


    I am a fellow with W2, who started just moonlighting with independent contractor status started last year Sept 2020 onwards.
    My understanding is I have to pay the 1099 tax which is the 1040-ES form.

    I used Quickbooks Self Employed, for expense keeping (DEA/ license/ travel (between hospitals)/ supplies) etc. Based on the deductions, quickbooks is telling me to pay $1752 with an income of $10980 purely from 3 months of moonlighting. This is from deduction of all the DEA/ license etc. My W2 wage is ~$60,000.

    However, I forgot to do the EFTPS account (which allows QB to pay directly to IRS). Therefore I need to pay via printing the 1040-ES. I thought they would also print out the Schedule C which gives itemized deductions. However, I think they just print 1040ES and I have to send a check to IRS.


    My question is,
    When/ where do I submit Schedule C which gives itemized deduction? How do the IRS know what I have deducted when I don't submit that?
    Should I pay more just to prevent from underpayment fines?
    What am I missing in my knowledge in the big picture?


    Thank you so much in advance.
    tax software, if you owe penalty , should calculate your penalty

    Leave a comment:

  • dhlee
    New Member

  • dhlee
    replied
    Originally posted by CordMcNally View Post
    How much did you pay in total federal tax in 2019 and how much did you have withheld in 2020 from your W2 job?
    Hello! For 2019 1040 I got a refund of ~$4500. For 2020, my federal withholding YTD at December was $2600.

    Leave a comment:

  • CordMcNally
    Moderator

  • CordMcNally
    replied
    How much did you pay in total federal tax in 2019 and how much did you have withheld in 2020 from your W2 job?

    Leave a comment:

  • dhlee
    New Member

  • dhlee
    started a topic 1099 Tax submission

    1099 Tax submission

    Hello!
    I was wondering if anyone could help me with this initial big picture..


    I am a fellow with W2, who started just moonlighting with independent contractor status started last year Sept 2020 onwards.
    My understanding is I have to pay the 1099 tax which is the 1040-ES form.

    I used Quickbooks Self Employed, for expense keeping (DEA/ license/ travel (between hospitals)/ supplies) etc. Based on the deductions, quickbooks is telling me to pay $1752 with an income of $10980 purely from 3 months of moonlighting. This is from deduction of all the DEA/ license etc. My W2 wage is ~$60,000.

    However, I forgot to do the EFTPS account (which allows QB to pay directly to IRS). Therefore I need to pay via printing the 1040-ES. I thought they would also print out the Schedule C which gives itemized deductions. However, I think they just print 1040ES and I have to send a check to IRS.


    My question is,
    When/ where do I submit Schedule C which gives itemized deduction? How do the IRS know what I have deducted when I don't submit that?
    Should I pay more just to prevent from underpayment fines?
    What am I missing in my knowledge in the big picture?


    Thank you so much in advance.
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