How/when do I pay tax on rental income from a property we own free and clear in Kansas, If I work in Arizona?

I earn $200k in my regular job, so I'm taxed at the highest rate. Should I pay tax on the rental during the year or just report when I file? How?

569

Expert Alumni

Mar 4, 2021 5:42:31 AM

Yes you should pay taxes on your rental income throughout the year.

TurboTax can help you to calculate your estimated payments and provide vouchers.

The Estimated tax numbers are are calculated in:

Deductions & Credits
Estimates and Other Taxes Paid
1. Estimated Tax Payments
2. Federal estimated taxes for 2020 (Form 1040ES)
3. Follow the interview.

Here are estimated tax payment options available at the IRS Payment website:

IRS Direct Pay from your checking or savings account
Pay online or by phone using the Electronic Federal Tax Payment System (EFTPS)
Electronic Funds Withdrawal (EFW), only available during e-filing
Same-day wire transfer from your bank
Cash payment at a retail partner