Perhaps not, it all depends on your income for any given quarter during 2022. Generally, you must make estimated tax payments for the current tax year if both of the following apply:
- You expect to owe at least $1,000 in tax for the current tax year after subtracting your withholding and refundable credits.
- You expect your withholding and refundable credits to be less than the smaller of:
- 90% of the tax to be shown on your current year’s tax return, or
- 100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
There are special rules for:
- Farmers and fishermen
- Certain household employers
- Certain higher income taxpayers
- Nonresident aliens
Here is a link to an IRS FAQ webpage that contains questions about estimated tax payments and responses. You may find this helpful.
FAQs for Estimated Tax Payments
The IRS has a interactive tool that taxpayers can use to determine whether they need to make estimated tax payments. Here is the link to the IRS webpage where you can access such interactive tool.
Am I Required to Make Estimated Tax Payments
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