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allectron
New Member

Do I really have to pay an underpayment of estimated tax since I've never heard of such a thing before? what the heck is this?

 
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Kat
Level 15
Level 15

Do I really have to pay an underpayment of estimated tax since I've never heard of such a thing before? what the heck is this?

Sorry, but yes.  The IRS expects payment of taxes on a "pay as you go" basis.  In other words, they require payment of your taxes each quarter on the income you earned that quarter.  See the TurboTax FAQ below for more explanation.

https://ttlc.intuit.com/replies/4242891

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

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1 Reply
Kat
Level 15
Level 15

Do I really have to pay an underpayment of estimated tax since I've never heard of such a thing before? what the heck is this?

Sorry, but yes.  The IRS expects payment of taxes on a "pay as you go" basis.  In other words, they require payment of your taxes each quarter on the income you earned that quarter.  See the TurboTax FAQ below for more explanation.

https://ttlc.intuit.com/replies/4242891

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

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