Investors & landlords

Maybe -- it's an option you should explore.

 

If you’ll only owe a small amount to each there’s probably no reason, since you probably wouldn’t be subject to an underpayment penalty.

 

You can see the factors that would’ve resulted in an underpayment penalty this year in Underpayment Penalty for 2022 in the IRS’ Publication 17.  Also bear in mind that the figures noted typically remain the same from year to year. 

 

The IRS levies underpayment penalties if you don't withhold or pay enough tax on income received during each quarter. Even if you paid your tax bill in full by the April deadline or are getting a refund, you may still get an underpayment penalty.

 

Please see the TurboTax Help articles Do I need to make estimated tax payments to the IRS? and Can TurboTax calculate next year's federal estimated taxes? for more information.