Hi Traceycordray!
Thanks for the great question! Planning ahead for taxes is always a good idea. You may need to make an estimated tax payment now to avoid penalties later. It depends on the amount of the dividends. Like all income, it comes down to how much you make from all sources. In your case, you will look at the total amount you received in ordinary dividends.
If you take total dividends minus your standard deductions or itemized deductions you will arrive at your taxable income. Apply that taxable income to the tax brackets and you can find out how much you should pay in as an estimated payment. Ideally, you should have paid that in by April 18. The IRS wants their money in the same quarter as when you receive it. However, if you owe, it would be best to get that estimated tax payment in as soon as possible.
To find your standard deduction use this table:
Standard deduction 2023 (taxes due April 2024)
The 2023 standard deduction for taxes filed in 2024 is $13,850 for single filers and those married filing separately, $27,700 for those married filing jointly, and $20,800 for heads of household.
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Married, filing separately
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Married, filing jointly; qualified widow/er
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Additional standard deduction
People who are 65 or older and those who are considered blind by IRS definition are entitled to an additional standard deduction amount that they may add to their existing base standard deduction. How much extra depends on filing status and which conditions are applicable.
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2023 additional standard deduction
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Single or head of household
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And this will help you calculate your taxes on the taxable income:
What Are the Current Federal Tax Brackets for 2023 (for filing in 2024)?)
Single
| If taxable income is over: |
but not over: |
the tax is: |
| $0 |
$11,000 |
10% of the amount over $0 |
| $11,000 |
$44,725 |
$1,100 plus 12% of the amount over $11,000 |
| $44,725 |
$95,375 |
$5,147 plus 22% of the amount over $44,725 |
| $95,375 |
$182,100 |
$16,290 plus 24% of the amount over $95,375 |
| $182,100 |
$231,250 |
$37,104 plus 32% of the amount over $182,100 |
| $231,250 |
$578,125 |
$52,832 plus 35% of the amount over $231,250 |
| $578,125 |
no limit |
$174,238 plus 37% of the amount over $578,125 |
Married Filing Jointly or Qualifying Widow (Widower)
| If taxable income is over: |
but not over: |
the tax is: |
| $0 |
$22,000 |
10% of the amount over $0 |
| $22,000 |
$89,450 |
$2,200 plus 12% of the amount over $22,000 |
| $89,450 |
$190,750 |
$10,294 plus 22% of the amount over $89,450 |
| $190,750 |
$364,200 |
$32,580 plus 24% of the amount over $190,750 |
| $364,200 |
$462,500 |
$74,208 plus 32% of the amount over $364,200 |
| $462,500 |
$693,750 |
$105,664 plus 35% of the amount over $462,500 |
| $693,750 |
no limit |
$186,601.50 plus 37 % of the amount over $693,750 |
Married Filing Separately
| If taxable income is over: |
but not over: |
the tax is: |
| $0 |
$11,000 |
10% of the amount over $0 |
| $11,000 |
$44,725 |
$1,100 plus 12% of the amount over $11,000 |
| $44,725 |
$95,375 |
$5,147 plus 22% of the amount over $44,725 |
| $95,375 |
$182,100 |
$16,290 plus 24% of the amount over $95,375 |
| $182,100 |
$231,250 |
$37,104 plus 32% of the amount over $182,100 |
| $231,250 |
$346,875 |
$52,832 plus 35% of the amount over $231,250 |
| $346,875 |
no limit |
$93,300.75 plus 37% of the amount over $346,875 |
Head of Household
| If taxable income is over: |
but not over: |
the tax is: |
| $0 |
$15,700 |
10% of the amount over $0 |
| $15,700 |
$59,850 |
$1,570 plus 12% of the amount over $15,700 |
| $59,850 |
$95,350 |
$6,868 plus 22% of the amount over $59,850 |
| $95,350 |
$182,100 |
$14,678 plus 24% of the amount over $95,350 |
| $182,100 |
$231,250 |
$35,498 plus 32% of the amount over $182,100 |
| $231,250 |
$578,100 |
$51,226 plus 35% of the amount over $231,250 |
| $578,100 |
no limit |
$172,623.50 plus 37% of the amount over $578,100 |
You can use this form to help you estimate how much tax you need to pay in. https://www.irs.gov/pub/irs-pdf/f1040es.pdf
I hope this helps!
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