![]() ![]() You might still write a big check to send in with your tax return, but you won't be assessed penalties. So if you have a job or jobs and can make your withholdings paid in 2017 amount to 100%/110% of last year's tax liability, (that's line 63 for most taxpayers), you may choose not to pay estimated taxes. (If last year's return shows AGI over $150K (for married filing jointly) then change that "100%" figure to "110%.) Most taxpayers will avoid being underpaid if they:ġ)owe less than $1,000 in tax after subtracting their taxes WITHHELD and available tax credits,Ī)90% of the tax for the current year, orī)100% of the tax shown on the return for the prior year. ".believe we wil lhave to make quarterly estimated tax payments this year."įirst off, you may not have to pay estimated taxes, if by "have to" you mean "we don't want to pay penalties to the IRS when we file our income tax return." It's perfectly OK to owe the IRS a ton of money when you send in your income tax return as long as you are not "underpaid", (a piece of tax jargon that has a specific legal meaning), and incurring underpayment penalties.
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