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Get your taxes done using TurboTax
You are not required to make estimated payments; the reason you opt to make estimated payments is to avoid possible penalties. The payment of your 2023 tax liability will not count as an estimated 2024 tax payment; it is a 2023 tax payment. If you meant you will be making an estimated tax payment in the amount of your 2023 tax liability, then yes, you won't incur a penalty in 2024 and do not need to make any more payments.
To avoid penalties, your 2024 estimated payment(s), since you will have no withholding, must equal the lesser of:
#1- 90% of your 2024 Federal tax - which should be much lower compared to #2.
#2 - 100% of your 2023 federal tax ( it's 110% if your 2023 Adjusted Gross Income is $150,000 or more)
You can use TurboTax to estimate your tax liability and generate vouchers if you think you will need them.
- With your tax return open, search for 1040-es (be sure to include the dash) and select the Jump to link.
- Answer No to the question Do you want to change your W-4 withholdings for 2024?
- Answer the questions about things like your 2024 filing status, income (capital gains), and deductions.
- Eventually, you'll come to the Print Vouchers? screen. Answer Yes, and we'll include your 2024 1040-ES payment vouchers when you print a copy of your return later.
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