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Get your taxes done using TurboTax
each period, your estimated tax paid and withheld must be at least 25% of the estimate, even if your income is uneven,
So for example if 90% of taxes owed is $40,000, I would not be penalized making the following unequal payments?
- Q1 - $11,000
- Q2 - $11,543
- Q3 - $10,765
- Q4 - $10,000
Total: $43,308
But alternatively if I made the following unequal payments it would trigger a penalty because there is a payment less than $10,000 (25% of $40,000)?
- Q1 - $11,000
- Q2 - $9,900
- Q3 - $15,000
- Q4 - $10,000
Total: $45,900
Even though I paid more taxes in the second scenario than the first.
March 28, 2023
1:46 PM