- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Contractor + estimated taxes penalty
Hello - 2021 was the first year that I started working as an independent contractor. I misunderstood the requirements for estimated quarterly tax payments and just paid one large sum prior to the 9/15 deadline. Do you have a sense of how common penalties for late estimated payments are?
Thank you!
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
quick clarification to my question - Do you have a sense of how common penalties for late estimated payments are? Or whether there is a formula/percentage used to determine the penalty?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Hello leilabarzegar,
Here are some links to more information regarding estimated payments, and penalties for late payment. One is from TurboTax and I think it addresses your question :
As a follow up, here is a link to the instructions for form 2210, which is the form that is used to determine the amount of penalty, in the event that there is a penalty.
https://www.irs.gov/pub/irs-pdf/i2210.pdf
If you have any further questions after reviewing this information, don't hesitate to reach out with details more specific to your situation.
Best regards,
STaxLady
**Mark the post that answers your question by clicking on "Mark as Best Answer"