How come our estimated taxes for next year are so high? What happens if we don't pay the full amount that is suggested?

polkfamily — Sat, 01 Jun 2019 18:20:02 GMT

I am not sure why they are unusually high, but nothing re...

Ashby — Sat, 01 Jun 2019 18:20:04 GMT

I am not sure why they are unusually high, but nothing really "happens" if you don't pay the full amount. The potential problem is the underpayment penalty if you haven't paid 100% of the prior year's tax or 90% of the current year.

If you think they are inflated figures, I would recommend using your best judgment. If you are off slightly on your calculation, there is no penalty if you owe less than $1,000 and the penalty is only 0.5% of tax owed per month late.

topic How come our estimated taxes for next year are so high? What happens if we don't pay the full amount that is suggested? in After you file

How come our estimated taxes for next year are so high? What happens if we don't pay the full amount that is suggested?

I am not sure why they are unusually high, but nothing re...