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April 16, 2022
Question

Do we need to make estimated tax payments for next year?

  • April 16, 2022
  • 1 reply
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We have never owed any additional taxes in any year we've filed - we always receive a fairly decent sized refund.  This year, we sold an asset (rental house) in October and when we calculated our taxes, we ended up owing a sizable amount for 2021.  In a normal year what we have withheld through our employers is more than enough.  When we filed this year, Turbo Tax included some estimated tax vouchers for this upcoming tax year (2022) on the summary page.  If our AGI will be back to normal for 2022 (no capital gains) and we know we will have more than enough withheld through our employers, do we still need to make these estimated payments?  I don't think we do, but I want to be sure.  Thanks!   

1 reply

AliciaP1
April 16, 2022

No. If you know your 2021 situation causing the system to calculate estimated payments for you will not recur in 2022, you are not required to make the additional payments!

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