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Can I make a payment now for Federal taxes that might be owed in 2021?

Forum|Forum|4 years ago
August 12, 2021
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My wife retired in Jan 2021. I've been retired for a few years. Our income is mostly from Social Security now. My wife had about $7000 in gross income in January of 2021 as she worked for about 3 weeks prior to retirement. I have a small pension of about $2000 per year.

Having a lower income I decided not to have Federal taxes deducted from our SS payments. After reading up on my situation I think I might owe more Federal taxes for 2021 that were withheld. Not wanting to run afoul of the greater than $999.00 limit on what I owe in taxes I want to make a payment to the IRS now for 2021.

I see there are online payment options on the IRS site. Are any of these what I want? The bottom line is that I hopefully come in under the $1000.00 limit.

A link to whatever I need to do to accomplish this would be greatly appreciated.

Not A Product Question

Best answer by fanfare

on the IRS Direct Pay page, select "Estimated Tax"

fanfareAnswer

Employee

on the IRS Direct Pay page, select "Estimated Tax"

streetwolfAuthor

Will I receive a form from the IRS acknowledging the estimated tax I paid so I can add it to taxes paid on my 2021 Form 1040? Is there a separate line for this on the 1040 or perhaps a Schedule? I never did this sort of thing before.

DoninGA

Employee

@streetwolf wrote:

Will I receive a form from the IRS acknowledging the estimated tax I paid so I can add it to taxes paid on my 2021 Form 1040? Is there a separate line for this on the 1040 or perhaps a Schedule? I never did this sort of thing before.

If you use the IRS website to pay estimated taxes you will receive a confirmation number for the payment. The IRS does not send you any type of form for the payment you made.

You report the estimated tax payments made in 2021 on the 2021 tax return you file next year.