TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Question

Treasury I bills

3 replies
22 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).