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Level 2

Question

Treasury I bills

Forum|Forum|3 years ago
December 8, 2022
1 reply
13 views

Treasury I bills that matured in October 2022 were redemed in December 2022. The interest will be reported on our 2022 Federal tax return. Can the tax payment be made along with our taxes when completed in April without penalties?

Level 15

@heneson that is totally dependent on how much you owe comes April....how much do you think you will owe?

so the answer, based on the information provided is 'maybe or maybe not'

Level 2

Without the Treasury I bonds interest we would be getting a refund for 2022 filing. With the Treasury I bonds interest we will owe just over $10,000. We have received tax refunds the last 3 years.

Level 15

If your tax withheld is at least 110% of your last year's tax, you won't be penalized no matter how much more you make this year.

You can satisfy that with an Estimated Tax payment, if need be.

the fourth and final Estimated Tax payment is due Jan 15 (Jan 17 this year).