You must pay your taxes in a timely manner.
- This means the IRS expects to be paid each quarter for the amount that you earned in that quarter.
- The IRS default is that you earned an equal amount each quarter.
- TurboTax will provide you with 1040-ES form to make your estimated payments.
- If you fail to do so, you will accumulate a penalty.
- The penalty is calculated on form 2210 .
- This will show each quarter and the penalty and interest that has accumulated.
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