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New Member
posted Jan 6, 2024 11:28:34 AM

Can I claim exempt on my taxes and just pay it at the end of year

I don't owe past tax but will need to pay in end of year

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1 Replies
Level 15
Jan 6, 2024 11:35:54 AM

Income taxes are supposed to be pay-as-you-go, either by withholding or by making estimated payments.  If you owe more than $1000 at tax time, you can be assessed a penalty for underpaying over the year, even if you pay in full when you file. 

https://www.irs.gov/taxtopics/tc306