Hello,
I am self employed and must pay estimated taxes to Ca for 2025. I have had to pay estimated taxes for a number of years and Turbo Tax has always shown them spread out quarterly or in 3 payments. This year for the first time; Turbo Tax has only offered me one estimated payment; due in full by April 15 of this year -2025.
Why did it do this? Why can't I make smaller payments over the year? Such as April; June; & Sept? Or April June, Sept & January?
Is this required by the State of Ca because I owed taxes on top of my estimated payments for 2024? I have already filed. What will happen if I pay the estimates in smaller amounts?
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No, there is no change that says you need to make one payment due in full by April 15th. What form do you see this on? That sounds more like your taxes due from 2024 instead of the estimated tax payments.
Your quarterly taxes in California are different from federal with 30% being due in April, 40% in June, 0% is due in September, 30% in January.
Thanks for the reply.
It is definitely not taxes due. You might have missed the info at the bottom of my question where I mention that I owe taxes to the state even though I paid the estimates last year. If one has underpaid in Ca is there a penalty due that can be avoided by paying the current (2025) estimates by April 15? I recall TT asking a question about this as I was doing the step by step, but when I tried to go back to find it after filing; I could not.
Of course I would prefer to pay in 3 installments as long as I will not owe a penalty due to my shortfall (taxes owed for 2024) I would think TT would be correct about this but cannot find a reference to this circumstance.
I did ask for Turbo tax to create estimates and this is what they provided; all due by April 15.
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