Mike9241
Level 15
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6/17. If you wait until you file, you will be subject to late payment of estimated tax penalties.

Not only do you owe income taxes, but also about an addition 15% on your net self emplyment income.

 

One safe harbor you can use -

federal withholding and timely estimated tax payments must be 100% of your 2023 tax. That rises to 110% if your 2023 adjusted gross income was over $150,000.

Another is that federal withholding and timely estimated tax payments must be 90% of your 2024 tax.

 

 

With unequal income, withholding, and estimated tax payments, for 2024 you may need to use the form 2210 annualized income installment method on page 3

https://www.irs.gov/pub/irs-pdf/f2210.pdf 

 

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