Estimated taxes

leftyj · ‎March 2, 2022

I am retired and only rent my farm. Why do I have to pay estimated taxes?

MinhT1 · ‎March 2, 2022

It depends.

If you have income from your farm rental, depending on the level of the total income, you may have to pay estimated taxes if you taxes withheld from your retirement income are not sufficient. It is up to you to estimate your tax payments. If your estimated taxes exceed your tax liability, you will receive a refund. If they are not sufficient, you may owe a penalty for underpayment of estimated taxes.

Please read this TurboTax Help topic and also the links at the bottom of the page for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"