Skip to main content
Level 1
October 25, 2023
Question

Author royalties

  • October 25, 2023
  • 1 reply
  • 0 views

Husband recently began receiving author royalties. I know we report these as income, but when do I need to worry about making quarterly tax payments?  So far it's less than $300.

1 reply

Employee Tax & Finance Expert
October 25, 2023

Hello julie_b,

If you expect to have a balance due on your tax return more than $1,000 then you need to make quarterly estimated tax payments.  

 

https://turbotax.intuit.com/tax-tips/small-business-taxes/estimated-taxes-how-to-determine-what-to-pay-and-when/L3OPIbJNw

 

 

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"