To avoid under payment penalties on the 2024 tax return.
Total Tax is line 24 of the 2023 return.
On March 30
Multiply Total Tax by 25% or 27.5% *[ * if line 11 of the 2023 return is over $150K or 75K if filing MFS]
Subtract cumulative withholding. Difference is the amount to pay as first quarter estimate by April 15.
On May 31
Multiply Total Tax by 50% or 55% *
Subtract cumulative withholding. Difference is the amount to pay as second quarter estimate by June 15.
On August 31
Multiply Total Tax by 75% or 82.5% *
Subtract cumulative withholding. Difference is the amount to pay as third quarter estimate by September 15.
On December 31
Multiply Total Tax by 100% or 110% *
Subtract cumulative withholding. Difference is the amount to pay as fourth quarter estimate by January 15, 2025. File and pay by January 31 to avoid paying the last quarterly.
