topic Send a quarterly payment now. in Get your taxes done using TurboTax

When do I pay the tax on one million dollars earned in the first quarter of 2019

cantormh — Tue, 04 Jun 2019 00:29:26 GMT

IF earned before 1 April (i.e thru 31 March), you pay it...

SteamTrain — Tue, 04 Jun 2019 00:29:27 GMT

IF earned before 1 April (i.e thru 31 March), you pay it before end of day 15 April...if earned from 1 April to before 1 June you pay it before end of day 15 Jun.

Depending on how "earned" are you sure there were no taxes withheld already?

There were no taxes withheld. What happens now that Apri...

cantormh — Tue, 04 Jun 2019 00:29:29 GMT

There were no taxes withheld. What happens now that April 15 has passed?

with those kinds of figures..you really need to be workin...

SteamTrain — Tue, 04 Jun 2019 00:29:30 GMT

with those kinds of figures..you really need to be working with a local-reliable professional.

......but that's why the IRS wants to get paid quarterly....it cannot depend on you paying later it if you spend or gamble it all away and plead you are broke at tax time.

With a million or more in income by the end of the year, unless you have some claimable losses to offset it, the fed tax will be ~37% on the amount above $500k for a single person so, pay say 300k-350k /million to the IRS ...and depending on which state you live in... $50k-to$80k to them (if you are in an income taxing state.)

No way anyone can advice you accurately though..you need a local pro to examine the details of yoru situation.

.....or if a pro athlete, then you really DO need to talk to your experienced teammates, and coaches, since you may be taxed in a whole lot of states. (pro athletes need special tax preparers)

Send a quarterly payment now.

Critter — Tue, 04 Jun 2019 00:29:32 GMT

Send a quarterly payment now.