Hello! I have been researching all morning and am still unclear on the best move. I am working a 1099 contractor job where no taxes are taken out. I should make around $40,000 for the year. BUT, I also work a W-2 job, where taxes are withheld, and I'll make about $53,000 from that per year. My spouse (married filing jointly) is also working a W-2 job and makes around $67,000 per year with taxes withheld.
Because I'll have two W-2 jobs with taxes already removed on my tax return... do I need to pay 1099 taxes quarterly? I feel like it might end up evening out at the end of the year since I have always received a tax refund after filing. If I was only working the 1099 job, I would plan to file quarterly... but not sure what the best move is in this situation.
I appreciate any insight and please forgive my tax ignorance!
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21d ago
Thanks for the insight!