Hello ,
If your estimated payments and tax withholding for the year equals your total tax for the previous year, then you typically wouldn't need to pay estimated taxes to avoid penalties.
- If your prior year Adjusted Gross Income was $150,000 or less, then you can avoid a penalty if you pay either 90 percent of this year's income tax liability or 100 percent of your income tax liability from last year (dividing what you paid last year into four quarterly payments).
- If your prior year's Adjusted Gross Income was greater than $150,000, then you'll need to pay either 90 percent of this year's income tax liability or 110 percent of last year's tax liability.
I would suggest using the TAX CASTER TOOL. This is just an estimate. Also if you used TurboTax to file 2022 tax return, you can estimate the taxes by entering your 2022 return through" add a state" option & then follow instructions below:
- Start at Other Tax Situations
- Scroll down to Other Tax Forms
- Choose Form W-4 and Estimated Taxes
- Continue through the interview
There will be sections provided for you to estimate your income for 2023. If you have a recent pay stub I suggest you have it with you.
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