Estimated Quarterly Tax Payment for 2025

Forum|Forum|1 year ago
March 19, 2025
2 replies
4 views

A primary residence is sold 2024 which significantly increase the taxable income for that year. No similar windfall income is anticipated for 2025. Am I required to make extremely large quarterly payments in 2025 based on my unusual 2024 income situation (the sale of a primary residence)?

DoninGA

Level 15

No, if your 2025 tax return will not include an unusually large amount of taxable income there is no need to file estimated taxes for tax year 2025.

ThomasM125

Level 15

No, you need to pay in 100% or your previous year's tax or 90% (110% if income over $150,000/$75,000 MJ or single filer) of the current year's tax on a quarterly basis to avoid a penalty for late payment of tax. So, you can go off of this year's lower income to determine your estimated payments if any.

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