My tax return for california they sent me to pay four stub payments of 547.00 Do you know what is this?

jorgejamie5 — Sat, 01 Jun 2019 06:53:42 GMT

Those probably are estimated tax payments. Estimated tax...

MichaelL1 — Sat, 01 Jun 2019 06:53:44 GMT

Those probably are estimated tax payments. Estimated tax payments are paid in 4 amounts, one each quarter.

If you owed CA taxes for prior year, they take balance owed and divide by 4, and that is how they would arrive at the $547. If you will not owe any taxes, or have taxes withheld from another source you may not need these. If you do, however and make the payments they can prevent Estimated Tax Payment penalties.

Estimated tax is a method of paying tax on income that is not subject to withholding tax . This can include income from self-employment, business earnings, interest, rent, dividends and other sources. The IRS requires estimated tax to be paid quarterly, typically in 4 equal installments. States use a similar method.

topic My tax return for california they sent me to pay four stub payments of 547.00 Do you know what is this? in Get your taxes done using TurboTax

My tax return for california they sent me to pay four stub payments of 547.00 Do you know what is this?

Those probably are estimated tax payments. Estimated tax...