My spouse and I typically file our tax return as married filing jointly due to the advantages like the child and dependent tax credit, and we plan to do so again this coming year.
This year, we have some changes to our situation:
- She started a part-time job that pays her as self-employment income under a 1099
- We got solar panels installed, and we will be paid for the electricity production by our utility company under a 1099
We also will have some investment income, which we have had before. Also, I have a full time job that withholds taxes for me and pays me as an employee under a w2.
We know we are going to need to make quarterly estimated payments on these 1099 income sources. She did some planning about setting aside part of her income and making those quarterly estimated payments, and she is set on making those payments independently. That means I would be making separate quarterly estimated payments for the solar electricity production and investment income.
Would there be any issues with making two sets of separate estimated payments? Would that require us to file separately rather than married filing jointly at the end of the year?