JohnB5677
Expert Alumni

Get your taxes done using TurboTax

Possibly, but I do have some questions.

 

  • What has your previous tax history looked like?
  • Did you owe taxes are have you been getting refunds?
  • Do you have any other changes to your income?
  • How do you have taxes taken out of your other accounts?
  • You said a $5,000 windfall.  Do you expect this to be for only one year?
  • Indecently, there isn't a 15% tax bracket.  There are 10% 12% then 22%.
  • However, if your Social Security is taxable it may come close to 15% in the 10% bracket.

If you currently have enough taxes withheld to get a refund, you should be fine doing the (15%) X $5,000 for a quarterly tax payment.

The first estimated payment is due NO LATER THAN April 15th, 2024

 

Please see: When are quarterly estimated tax payments due?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"