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barbarajw48
New Member

I underpaid 2017 taxes by $2,400.00 and I will be having additional taxes withheld for 2018 so it doesn't happen again. Do I still have to pay estimated taxes for 2018?

 
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CapB
New Member

I underpaid 2017 taxes by $2,400.00 and I will be having additional taxes withheld for 2018 so it doesn't happen again. Do I still have to pay estimated taxes for 2018?

No, you are not required to do anything, however, to avoid an under-withholding penalty and a large tax liability next year (based on next year's projected income and expenses) you can choose to either: 

  • Change your federal and state withholding on your Form W-2's, Form 1099-R's, and Form SSA-1099's.
  • Pay quarterly income taxes.
  • Or any combination of both (withholdings and estimated tax payments). 

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CapB
New Member

I underpaid 2017 taxes by $2,400.00 and I will be having additional taxes withheld for 2018 so it doesn't happen again. Do I still have to pay estimated taxes for 2018?

No, you are not required to do anything, however, to avoid an under-withholding penalty and a large tax liability next year (based on next year's projected income and expenses) you can choose to either: 

  • Change your federal and state withholding on your Form W-2's, Form 1099-R's, and Form SSA-1099's.
  • Pay quarterly income taxes.
  • Or any combination of both (withholdings and estimated tax payments). 

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