Tax payment

[doyle2410]

How do I prepay my taxes? The last couple of years I’ve had to pay taxes when filing my return. Each year I’ve had to pay a penalty for not paying throughout the year. How do I pay something before the end of year so it don’t have to pay them all at once when filing my taxes next year?

[KarenL4]

Hi,

Kudos to you for being proactive!  You can prepay your taxes by making an estimated tax payment. Here is a great article that explains the key stuff you need to know.

You didn't mention what state you are in, but if you are having the same issue there you can find out how to make state estimated tax payments by searching "Estimated personal tax payments {state name}" and clicking on that link to take you to your state's department of revenue.

Please cheer below if this helps you!

Best,

Karen

[VolvoGirl]

You send in quarterly estimated payments.  Turbo Tax should be automatically printing them for you if you owe too much.

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

- 2. You expect your withholding and credits to be less than the smaller of:

    90% of the tax to be shown on your current year’s tax return, or

  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).

The 1040ES quarterly estimates are due April 18  June 15, Sept 15 and Jan 17, 2023.  Your state will also have their own estimate forms.

Here are the blank Estimates and instructions (the actual 1040ES forms are at the very bottom so scroll way down)

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

You can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2022 Estimate

[VolvoGirl]

Oh and here's how to use Turbo Tax to prepare them.

To prepare estimates for next year you start with your current return, but be careful not to change anything.  If you can't get back into your return, Click on Add a State to let you back into your retun.

You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.

Or Go to….

Federal Taxes or Personal (Deskop H&B)

Other Tax Situations

Other Tax Forms

Form W-4 and Estimated Taxes - Click the Start or Update button

[doyle2410]

I’m sorry. I live in Texas