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Hi @rickanddianafreeman !
Here is a helpful resource for figuring your estimated tax requirement:
Hope this helps!
Cindy
Hi rickanddianafreeman!
I don't see a question but here are the estimated tax requirements:
Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.
You may have to pay estimated tax for the current year if your tax was more than zero in the prior year. See the worksheet in Form 1040-ES, Estimated Tax for Individuals for more details on who must pay estimated tax.
The IRS uses a couple of rules to determine if you need to make quarterly estimated tax payments:
These are commonly referred to as safe harbor rules. The 100% requirement increases to 110% if your adjusted gross income exceeds $150,000 ($75,000, if you're married and file separately).
Here is the resource that explains the requirements in more detail: https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-guide-to-paying-quarterly-taxes/L6p8C53...
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