1099-Q when must taxes on non qualified earnings be paid to IRS

Forum|Forum|7 years ago
June 8, 2019
1 reply
9 views

I will owe $12,000 in taxes. Must I pay it now, or wait until I file 1040 return next year?

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Best answer by Critter

They are due next April however to avoid underpayment penalties an estimated payment would be smart ...

What are estimated taxes?

https://ttlc.intuit.com/replies/3301588

CritterAnswer

Level 15

They are due next April however to avoid underpayment penalties an estimated payment would be smart ...

What are estimated taxes?

https://ttlc.intuit.com/replies/3301588

Hal_Al

Level 15

Making estimated payments is essentially optional, you can wait until next year. To avoid an underpayment penalty, You should make estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of: 90% of the tax to be shown on your current year’s tax return, or 100% of the tax shown on your prior year’s tax return.

The underpayment penalty is about 5.5% annualized