JohnB5677
Expert Alumni

Get your taxes done using TurboTax

That would be too easy, and the IRS has already figured that out.

 

The Leonard Smith reference from above states:

 

Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. 

 

If you don’t pay enough tax through withholding and estimated tax payments, you may be charged a penalty. You also may be charged a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return.

 

This means you have to pay quarterly amounts and be on time.

 

IRS Ref: Estimated Taxes

 

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