Certain taxpayers must make estimated tax payments throughout the year. Taxpayers must generally pay at least 90 percent of their taxes throughout the year through withholding, estimated tax payments or a combination of the two. If they don’t, they may owe an estimated tax penalty.
Here are some things to know for taxpayers who make estimated payments :
- Taxpayers can pay their taxes throughout the year anytime. They must select the tax year and tax type or form when paying electronically.
- Filers paying by check should make it out to the “United States Treasury” and indicate the tax year and type of taxes they are paying.
- Taxpayers in presidentially-declared disaster areas may have more time to make these payments without penalty.
- For easy and secure ways to make estimated tax payments, use is IRS Direct Pay or the Electronic Federal Tax Payment System. IRS.gov/payments has information on all payment options.
- Taxpayers can find more information about tax withholding and estimated tax at the Pay As You Go page IRS.gov.
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Publication 505, Tax Withholding and Estimated Tax, is another resource for taxpayers. Publication 505 has worksheets and examples, which can help taxpayers determine whether they should pay estimated tax.
