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Level 2
April 24, 2024
Question

Estimated quarterly payments

  • April 24, 2024
  • 5 replies
  • 17 views

When I filed the 2023 tax return, I was notified that I will have to begin making quarterly estimates payments of $642. The first time I owed was in 2022 for only $143 and in 2023, we received a $21 refund. Can you please explain the reason behind having to now make estimated payments?

5 replies

Level 15
April 24, 2024

Who notified you that you will need to make the payments?  Are you self-employed?  W-2 Employee?

 

In general, if you are an employee and have your taxes withheld, and are getting  a refund and expect the same next year, then you would not need to pay estimated taxes.

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Level 2
April 24, 2024

Turbo tax did. It came up in the forms when I filed the 2023 return. 

Level 2
April 24, 2024

Yes both my husband and I are employed…W2 employees. I though it was strange.