There will be no federal penalties for 2023 fornot paying in enough taxes during the year if withholding and
- timely estimated tax payments equal or exceed 90% of your 2022 tax or
- timely estimated tax payments equal or exceed 100% of your 2021 tax (110% if your 2021 adjusted gross income was more than $150K) or
- the balance due after subtracting taxes withheld from 90% of your 2022 tax is less than $1,000 or
- your total taxes are less than $1,000
state laws differ
note that if Turbotax computes that estimated tax payments are needed it will prepare these forms
1040-ES. however unless you change certain numbers in the calculation, that number might not be 100% accurate unless you use the 100/110% option but then you have to monitor withholding to make sure it's at least the same as 2022 or enter a different number in the estimated tax section
here's a link to them on the IRS website - you mail them (look at them to see where) with the check, money order,etc. but make sure your name, address, SSN, tax year, e-mail address, phone number are on the payment. they're due 4/18, 6/15, 9/15 and 1/16/2024. if mailed you may want to use a proof of delivery tor tracking service to make sure they arrive
https://www.irs.gov/forms-pubs/about-form-1040-es
*** the other method is to create an account at the iRS and then you can pay electronically using your bank account (direct pay for free) or a debit, credit card or even a digital wallet (fee), if done timely you can even cancel the payment. you can set them up 60 days in advance. for payment type use estimated tax from the drop down. at the end, you should print or save the receipt. thus a payment getting lost in the mail won't happen.
https://www.irs.gov/payments
