ThomasM125
Employee Tax Expert

Get your taxes done using TurboTax

For most tax filers, you need to pay in 100% of your previous year tax or 90% of your current year tax in quarterly estimates to avoid a penalty for late payment of tax. Your federal income tax from 2022 can be seen on line 24 of your form 1040. From that amount, you can subtract any amount on line 32, which would represents tax credits  that lowered your income tax. Once you arrive at your tax from 2022, you can subtract your estimated taxes paid in 2023 for quarters one to three and that will give you the amount to pay for the fourth quarter of 2023. You may find this link helpful:  Estimated tax payments

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