- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
This is why most folks use the safe harbor method of paying the estimated payments when possible since it uses a known amount ...
The following is the general rule:
You must pay estimated tax for 2021 if both of the following apply.
- You expect to owe at least $1,000 in tax for 2021 after subtracting your withholding and tax credits.
- You expect your withholding and tax credits to be less than the smaller of:
- 90% of the tax to be shown on your 2021 tax return, or
- 100% of the tax shown on your 2020 tax return. Your 2020 tax return must cover all 12 months.
Note: If your AGI for 2020 was more than $150,000 ($75,000 if your filing status for 2021 is married filing a separate return), substitute 110% for 100% in (2b)
‎June 7, 2022
7:27 PM