Income tax question, overpaid via W2 started C2C

[kgtest]

So I have a quick tax question, I'm sure only a few google searches away but figured I would ask..

I am wrapping up a W2 job where I overpaid federal and state tax so far this year.

I am beginning a new C2C job where I will be paying my own quarterly "estimated" tax again...it's been almost a decade since using my C2C.

My question is I will owe about $6,000 of income tax to the IRS via C2C but since I already so far this year overpaid by about that same amount, do I still need to file a quarterly estimated tax by EOY for that C2C income? Or can I just wait and file what I owe in Q1/2022 instead of filing this last Q4 quarterly?

I figure paying income tax one way or the other is still paying income tax but I am not 100% certain on this. TIA.

 

[RunningBum]

I have no idea what a "C2C" job is, but if you have withheld taxes equal to what you will owe at the end of the year, you're fine. No need to pay estimated taxes only to get them back.

 

[kgtest]

Thanks RB... I should have said I am billing Corp to Corp. Its a term in my industry used when I bill as a consultant via my S corporation to the companies S corporation.

 

[mrfeh]

I have no idea what a "C2C" job is, but if you have withheld taxes equal to what you will owe at the end of the year, you're fine. No need to pay estimated taxes only to get them back.

+1

 

[gauss]

Do both entities share a common TIN/EIN?

Ie you the employee and whatever entity will be getting the C2C income and I assume 1099-NEC.

Not sure if it will effect the answer or not but I'm think it will help to frame the problem.

 

[gauss]

And does the C2C entity file Sch C or some type of partnership or corporation return?