You have two options for making estimated payments: You can make a single payment for the year by the April deadline or divide up what you owe into four payments.
If you choose the four-payment option, you’ll make three payments in 2023—April 18, June 15 and Sept. 15—and one in 2024 by Jan. 16.
The easiest way to calculate when you owe is to use Form 1040-ES: Estimated Tax for Individuals.
You can avoid IRS penalties by making estimated payments totaling the lesser of these two amounts:
- At least 90% of your tax liability for the current year, or
- 100% of your tax bill for the previous year (110% for those with an adjusted gross income of $150,000 if filing jointly or $75,000 if filing single or married filing separately)
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