PatriciaV
Expert Alumni

Get your taxes done using TurboTax

No, if you believe you have paid enough taxes to cover your tax liability for the year, you are not required to make a final estimated tax payment.

You might review the rules first:

According to the IRS:

"If you did not pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax. Generally, most taxpayers will avoid this penalty if they owe less than $1,000 in tax after subtracting their withholdings and credits, or if they paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year, whichever is smaller. There are special rules for farmers and fishermen. Please refer to Publication 505, Tax Withholding and Estimated Tax, for additional information."


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