How to pay estimated tax if I missed 3 quarters already?

[jdelarosa11 0]

Hi everyone! I am self employed. Would you happen to know how I could pay estimated tax if I missed the deadline for 3 quarters already?

I'm not quite sure if there are rules in the amounts you pay each quarter.

 

For example, let's say this year self employment tax estimate is $1k = then $250 is the estimated quarterly tax.
If I missed the 3 quarters already, can I just pay the $750 now ($250 x 3 quarter)? Then another $250 in the 4th quarter, to cover the $1k?

 

Thank you!

[Wuozopo 4,293]

14 hours ago, jdelarosa11 said:

Hi everyone! I am self employed. Would you happen to know how I could pay estimated tax if I missed the deadline for 3 quarters already?

I'm not quite sure if there are rules in the amounts you pay each quarter.

 

For example, let's say this year self employment tax estimate is $1k = then $250 is the estimated quarterly tax.
If I missed the 3 quarters already, can I just pay the $750 now ($250 x 3 quarter)? Then another $250 in the 4th quarter, to cover the $1k?

 

Thank you!

Yes. Just catch up so you have enough paid in prior to filing the return.
 

But understand that you need to cover your federal income tax estimate along with the Self Employment Tax (Schedule SE in a tax return). That Schedule SE is basically your contributions toward Social Security and Medicare. I’m not sure if you are saying “Self Employment tax” when you mean all of them, so wanted to point out you need to estimate income tax, Social Security, and Medicare.

 

Also if you are married and will be filing a joint return— If your spouse has an excess being held out of paychecks, that extra goes toward covering your contributions. On a joint return the contributions are  in just one pot whether by paycheck withholding or estimates paid in. The IRS does not have to receive a specific amount from you personally under your SSN. At filing time on a joint return, the tax is calculated on a joint pot of income and they look at a joint pot already paid in. The goal is not to owe the IRS a huge check at the end. 
 

Edit: I just saw your other post saying your spouse is also self-employed so has no withholding either.

Edited September 27, 2020 by Wuozopo