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When do I need to make individual quarterly estimated tax payments? |
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Taxpayers are required to make quarterly estimated tax payments when their estimated tax liability for the current tax year is going to be greater than $1,000 OR your withholding on your wages are going to be less than 90% of the current year’s tax or 100% of last year’s income tax paid. Taxpayers who have higher adjusted gross incomes or have the status of an alien, estate, trust, farmer or commercial fisherman are subject to special rules. If it is determined that you did not remit the proper amount of income tax for the tax year in question, you may be subject to penalties and interest by the IRS. |
