Yes.
The amount due that's shown in the TurboTax program would be for the 2024 tax year. This balance due is because you didn't make payments during 2024, or your payments were not enough to cover your tax liability. This payment is due by April 15, 2025. If you can't pay in full by that date, you can request a payment plan. However, interest and penalties will be charged on any balance due after April 15.
In addition, the suggested quarterly payments would be for 2025 so you don't have a balance due when you file your 2025 tax return. Typically the estimated payments for 2025 are based on your 2024 tax liability, but you can make adjustments in case you expect to owe more or less. The due dates for these payments are generally:
- Q1 due April 15, 2025 and covers January 1 - March 31
- Q2 due June 15, 2025 and covers April 1 - May 31
- Q3 due September 15, 2025 and covers June 1 - August 31
- Q4 due January 15, 2026 and covers September 1 - December 31
For more information:
- Apply for a payment plan
- Tax Payment Options
