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Get your taxes done using TurboTax
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Generally, if you owe less than $1,000, you do not have to pay quarterly estimated tax payments and will not see an estimated tax penalty. If you pay at least 90% of your tax obligation or 100% of the tax owed in the prior year (whichever is smaller), then you will not be penalized. If you are a high-income taxpayer, with an AGI over $150,000, then the 100% is increased to 110%.
If you are a w2 employee, you may try adjusting your w-4 and increase your withholding for the rest of the year.
You may find detailed information here: https://www.irs.gov/taxtopics/tc306
‎October 25, 2023
12:49 PM