- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Making 1099 money on the side. Tax help.
Posted on 4/7/26 at 9:39 am
Posted on 4/7/26 at 9:39 am
Not much. Just a few thousand dollars per quarter but enough that I beleive I need to prepay tax.
I have the estimated amounts figured out for federal and state.
Does federal get paid in a lump or do I need to break out income tax + payroll taxes?
I have the estimated amounts figured out for federal and state.
Does federal get paid in a lump or do I need to break out income tax + payroll taxes?
This post was edited on 4/8/26 at 7:11 am
5
Posted on 4/7/26 at 9:49 am to jlovel7
If its only a few thousand bucks you shouldnt need to worry about separately pre-paying taxes by quarter for that, if you have a W2 job just tell them to withhold a little more on your W4 and state form.
If you're paid bi-weekly at your W2 job (26 times a year) say withhold $30-$40 more per paycheck on your W4 and maybe like $5/paycheck for state...but honestly still wouldnt worry much about it. They arent going to hit you with interest/penalties for not paying like $800-$1k max in federal tax in quarterly installments and state definitely wont care about like $100 or less if you pay once you file.
I make about $1,800/yr from a side gig and then brokerage account gains/interest for several thousand bucks and just have my W2 job withhold on my W4 and G4 (GA) to cover my expectations on both of those.
If you're paid bi-weekly at your W2 job (26 times a year) say withhold $30-$40 more per paycheck on your W4 and maybe like $5/paycheck for state...but honestly still wouldnt worry much about it. They arent going to hit you with interest/penalties for not paying like $800-$1k max in federal tax in quarterly installments and state definitely wont care about like $100 or less if you pay once you file.
I make about $1,800/yr from a side gig and then brokerage account gains/interest for several thousand bucks and just have my W2 job withhold on my W4 and G4 (GA) to cover my expectations on both of those.
This post was edited on 4/7/26 at 9:55 am
Posted on 4/7/26 at 9:53 am to jlovel7
SEP IRA. Can contribute up to 25% and will reduce your tax.
Posted on 4/7/26 at 10:11 am to thunderbird1100
I should clarify. My total tax owed is about $1500 for the quarter. So I am over the $1000 federal minimum.
Posted on 4/7/26 at 2:38 pm to jlovel7
quote:Do you mean "1099 money"??
Making 1040 money on the side.
Posted on 4/8/26 at 6:39 am to jlovel7
If you’re getting 1099 income you won’t pay payroll tax.
You get self employment tax on your personal tax return for the amount.
Just pay the estimated income tax and you’re good.
If you pay the entire amount early , you can use a lump sum, but don’t wait until late in the year or you can receive penalties. The amount could also be broken out evenly and paid quarterly
First quarter payment is due 4/15
Second is 6/15
Third is 9/15
Fourth is 1/15/2027
You get self employment tax on your personal tax return for the amount.
Just pay the estimated income tax and you’re good.
If you pay the entire amount early , you can use a lump sum, but don’t wait until late in the year or you can receive penalties. The amount could also be broken out evenly and paid quarterly
First quarter payment is due 4/15
Second is 6/15
Third is 9/15
Fourth is 1/15/2027
This post was edited on 4/8/26 at 6:45 am
Posted on 4/8/26 at 7:13 am to Deuces
quote:
First quarter payment is due 4/15 Second is 6/15 Third is 9/15 Fourth is 1/15/2027
Great and I just pay through the state portal and the federal portal for two payments per quarter?
And then I file next year and mark down how much I ended up making vs paying and I’ll either get a refund or have to pay the difference?
Posted on 4/8/26 at 7:19 am to jlovel7
quote:
Great and I just pay through the state portal and the federal portal for two payments per quarter?
It should be one payment per quarter to State and Fed. (If you also have state amounts)
You can use a website called EFTPS for fed and whatever your state website is.
You’ll see how much you make on your 2026 tax return next year and if you overpaid you get a refund. Underpayment you’ll owe.
Posted on 4/8/26 at 7:31 am to jlovel7
quote:
Does federal get paid in a lump or do I need to break out income tax + payroll taxes?
It gets recomputed separately on your return, so you pay one amount, it is all part of the same tax burden on your return.
Take deductions if you incur any ordinary and necessary costs of making that 1099 income. Allocate personal costs if you have a reasonable basis of allocation. Mileage adds up more than people think. Also note the SS limit which caps overall wages subject to the tax on your return.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News