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How do you know if you paid estimated or federal estimated taxes or not? This is my very first time ever filing taxes.

 
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2 Replies
JAP70
New Member

How do you know if you paid estimated or federal estimated taxes or not? This is my very first time ever filing taxes.

you would have a receipt of the payments, either checks cash by the US Treasury or credit card record of payment made if your able to pay via debit card.

Cynthiad66
Expert Alumni

How do you know if you paid estimated or federal estimated taxes or not? This is my very first time ever filing taxes.

@3e2e515688f6 -   In this instance, paid means that you actually sent payment to the government to estimate how much you might owe by the end of the year.  So if your income is from a job and you have a W-2, the taxes withheld is automatically captured when you enter the form W-2. If you did not send payments to the government, then you did not pay any.  Welcome to the wonderful world of Taxes!  You chose the best software to use as a first time filer.  There are many options for assistance along the way.

 

Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, you may have to make estimated tax payments. If you are in business for yourself, you generally need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax.  Use this link for additional information about Estimated Tax payments.  Estimated Tax Payments

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