Home Forums FAQ’s How do I know if I have to file quarterly individual estimated tax payments?

1 reply, 2 voices Last updated by  Refundtalk 1 year, 11 months ago
  • tara berks
    Moderator
    @t_berks
    #7294

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

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    Refundtalk
    Keymaster
    @admin
    #7295

    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
    Nonresident aliens

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