How do I know if I have to file quarterly individual estimated tax payments?

Q) How do I know if I have to file quarterly individual estimated tax payments?

A) If you are an individual taxpayer in the United States, you may be required to file quarterly estimated tax payments if you expect to owe at least $1,000 in tax for the tax year and your withholding and refundable credits are not expected to cover this amount. Generally, you may also need to make estimated tax payments if you receive income that is not subject to withholding, such as self-employment income, rental income, or investment income.

You can use Form 1040-ES, Estimated Tax for Individuals, to help you determine if you need to make estimated tax payments and to calculate the amount you should pay. The form includes a worksheet that will help you estimate your tax liability for the year and determine the amount of each payment you need to make.

You can also consult with a tax professional or use tax software to help you determine whether you need to make estimated tax payments and how much you should pay