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

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

A) According to the IRS: You must make estimated tax payments for the current tax year if both of the following apply:

  • You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and refundable credits.
  • You expect your withholding and refundable credits to be less than the smaller of:
    • 90% of the tax to be shown on your current year’s tax return, or
    • 100% of the tax shown on your prior year’s tax return.  (Your prior year tax return must cover all 12 months.)

There are special rules for:

  • Farmers and fishermen
  • Certain household employers
  • Certain higher income taxpayers




 

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