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?

allectron · ‎June 4, 2019

Kat · ‎June 4, 2019

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.***

View solution in original post

Kat · ‎June 4, 2019

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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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?