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jabauman
New Member

This is the first year that I owe taxes, and the amount I owe is $2000. Does this mean I will have to pay quarterly taxes going forward?

 
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5 Replies

This is the first year that I owe taxes, and the amount I owe is $2000. Does this mean I will have to pay quarterly taxes going forward?

Not necessarily,  you can have withholding increased from one of your incomes instead.

 

See this TurboTax support FAQ for calculating 2023 estimated tax payments - https://ttlc.intuit.com/turbotax-support/en-us/help-article/estimated-taxes/turbotax-calculate-next-...

This is the first year that I owe taxes, and the amount I owe is $2000. Does this mean I will have to pay quarterly taxes going forward?

Yes. Underpayment greater than $1,000 is subject to a penalty. 

jabauman
New Member

This is the first year that I owe taxes, and the amount I owe is $2000. Does this mean I will have to pay quarterly taxes going forward?

Will the IRS notify me that I have to pay quarterly or is that on me to do?  I assume that adjusting my withholdings will not be "good enough"?

This is the first year that I owe taxes, and the amount I owe is $2000. Does this mean I will have to pay quarterly taxes going forward?

what you will have to withhold and pay quarterly is based on your tax in the prior year (eg 2022).

For a ballpark figure, it is your tax last year.

you probably have no penalty this year because your tax last year was low.

check Form 1040 Line 38.

 

@jabauman 

This is the first year that I owe taxes, and the amount I owe is $2000. Does this mean I will have to pay quarterly taxes going forward?

if tax taken out of your pay check equals 90% or more of your 2022 tax you would not have to make any additional quarterly payment.

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