First time with Estimated Taxes

[David086]

Hi, my wife recently got a job a few months ago where she is receiving a 1099, we are married filing jointly live in Florida and have 2 kids. When she started the job we started a separate checking account where we have been holding 30% from each check for the estimated taxes to send to the IRS. We will be getting a refund this year, so do I have to send a payment in for the estimated tax? Sorry if this is a dumb question but it’s the first time ever working where taxes were not withheld.
Thanks

 

[LdiJ]

Hi, my wife recently got a job a few months ago where she is receiving a 1099, we are married filing jointly live in Florida and have 2 kids. When she started the job we started a separate checking account where we have been holding 30% from each check for the estimated taxes to send to the IRS. We will be getting a refund this year, so do I have to send a payment in for the estimated tax? Sorry if this is a dumb question but it’s the first time ever working where taxes were not withheld.
Thanks

If you are certain that you will get a refund despite your wife being treated as self employed, then no, you don't have to make any estimated payments.

 

[Taxing Matters]

You might want to read IRS publication 505 which explains both withholding and estimated tax. Also, Form 1040-ES, which is the form used to send in the payments, has useful information in the instructions.