Anyone here a 1099 contractor?

[TrailerParkJawa]

If so, did you pay Estimated Taxes this year? I think Im going to owe 2400 but will have only paid about 800. Do you know what the penalty might be? I made a choice to risk a penalty vs. losing my condo so I accept my govt lashes.

[Ghost Rider]

Are you asking what you may owe persay and paid estimates?

Or

Are you going to lose something because of a most probable owe?


If to the first...you'll just owe when you send in your taxes and the IRS will bug you slightly for it.

To the second....nope. You owe them and they bitch at you for it.

[GrandMasterTerwynn]

If so, did you pay Estimated Taxes this year? I think Im going to owe 2400 but will have only paid about 800. Do you know what the penalty might be? I made a choice to risk a penalty vs. losing my condo so I accept my govt lashes.

Hah, yes, I did six months of 1099 work. I'm gonna owe $2700 on my taxes next year because of it. That's the bad part about consulting/contracting work. You take it from Uncle Sam without lube come tax day.

[TrailerParkJawa]

Im going to owe about 2400 dollars for my share of Soc Security and Medicare. This quarter I was thinking of sending in 800. That would mean when I do my taxes next year I will still owe them 1600. Im just curious if I will get his by a penalty.

Im not sure how it will work out. Because I made so little this year, my mortgage will completely eliminate my federal taxes, except for Soc Sec and Medicare. Same with State Income, I should end up paying zero.