First time filing 1099
 

Anyone here on 1099 status (no taxes come out of your check). I got my first 1099 today from where i work and one of my coworkers said that i should have been filing quarterly instead of yearly. This is the first time i have ever heard of this.
I am a subcontractor so basically i am self employed. I have been on w2 all my life until this year. (I really miss w2, but dont miss the taxes being taken out of my check each week)
Any recommendations on where to go for help filing? I used taxact.com last year, not sure if it works for 1099 or not. I have to file in both california and minnesota.

Re: First time filing 1099
 

I tried Taxact last year for the first time after using Turbo Tax Online for 8 years or so, I'll be going back to Turbo Tax this year as I'm unsure if Taxact would ever be able to handle my return if it ever got complicated.

Re: First time filing 1099
 

I did/do 1099 every year, turbo tax should be able to help, otherwise my wife is pretty good with tax stuff, feel free to post up questions...she would prolly help you do it for some pizza and bacardi :)

Re: First time filing 1099
 

When I work as a sub, I usually just took money out of each paycheck (about 20-30%) and put it away for tax time. I usually just let my tax man handle everything from there on out.

Re: First time filing 1099
 

Im thinking i need a bank account in the cayman islands. LOL

Re: First time filing 1099
 

Aren't all of those nationalized now?

Re: First time filing 1099
 

I hope you put aside a lot of money.

Re: First time filing 1099
 

I have the same problem due to investments (although most of that was turned into car parts. ha). You can get penalized for not filing quarterlies. I'm not sure how much of a sense of humor the state is going to have with me this year.

Re: First time filing 1099
 

Turbo tax can handle it. I get some 1099 income from RE crap. I have used turbo tax before, but John has been doing my taxes for me the last few years. Be prepared to pay penalties if you made a decent amount and haven't been making quarterly payments.