Paying estimated taxes

Forum|Forum|5 years ago
March 8, 2021
2 replies
1 view

I had to pay around $49,000 in taxes this year because I sold off a bunch of stock and part of my IRA. I was told I needed to pay estimated taxes of $15,000 per quarter for a total of $60,000 for the year. If I don't anticipate selling off those items this year do I still need to pay the $15,000 per quarter?

Bsch4477

Level 15

Your estimated tax should be an amount to cover what you anticipate you will owe on your 2021 return.

MinhT1

Level 15

If you do not anticipate a similar income in 2021 compared to 2020, then you are not required to pay estimated taxes listed on the voucher. You can reestimate your taxes due for 2021 and adjust the amount of estimated taxes that you will pay. You can use the same vouchers. Just cross out the amounts and write in the amounts yo wish to pay.

Please read this TurboTax article on Estimated Taxes.

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