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Level 1
January 6, 2024
Question

Can I claim exempt on my taxes and just pay it at the end of year

  • January 6, 2024
  • 1 reply
  • 1 view
I don't owe past tax but will need to pay in end of year

1 reply

Level 15
January 6, 2024

Income taxes are supposed to be pay-as-you-go, either by withholding or by making estimated payments.  If you owe more than $1000 at tax time, you can be assessed a penalty for underpaying over the year, even if you pay in full when you file. 

https://www.irs.gov/taxtopics/tc306